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[adrian j boris] 21/11/2024 10:58

ANSA.it
ANSA English

ENI case prosecutors omitted key evidence says judge

Data harming their thesis surgically removed - motivation

ROME, 21 November 2024, 11:15



Two Milan prosecutors who were convicted for failing to file documents that were in favour of the defence in the high-profile Eni/Shell-Nigeria corruption case only used evidence that could benefit their case, leaving out all data that could have contributed to the defendants' acquittal, Judge Roberto Spanò wrote in the motivation of the sentence published on Thursday.

A court in Brescia chaired by Spanò last month handed an eight-month suspended sentence to Milan State attorneys Fabio De Pasquale and Sergio Spadaro on charges of refusal to perform a duty for failing to file documents that were in favour of the defence in the Eni/Shell-Nigeria corruption case that ended with the acquittal of all defendants.

The State attorneys "only used what could benefit their thesis" in terms of evidence, "surgically omitting harmful data" for their case which had been brought to their attention, wrote Spanò in the motivation of the sentence.

Such facts are "particularly grave", said the motivation.

The court in Brescia chaired by Spanò last month handed an eight-month suspended sentence to Milan prosecutors Fabio De Pasquale and Sergio Spadaro on charges of refusal to perform a duty for failing to file documents that were allegedly in favour of the defence in the Eni/Shell-Nigeria corruption case that ended with the acquittal of all defendants.

Brescia has jurisdiction over magistrates in the nearby city of Milan.

The Brescia judges ruled that De Pascale and Spadaro as State attorneys had a legal obligation to present all documents during the trial, including those that could have helped the defence's case and had infringed the defendants' rights by failing to provide them.

Oil giants ENI and Shell and all defendants were acquitted in March 2021 by a tribunal in Milan over allegations of corruption in Nigeria.

The long-running case focused on the 1.3-billion dollar purchase of an offshore oil block in 2011 in which prosecutors had claimed the majority of the money was used to bribe Nigerian officials.

However, the court in Milan said the two companies and 13 defendants, who were executives at the two firms, had no case to answer.

[adrian j boris] 20/11/2024 20:26

Eni S.p.A. Boosts Shareholder Value with Buyback Program

TipRanks Auto-Generated Newsdesk

Nov 20, 2024, 05:29 PM

Eni S.p.A. recently acquired 889,000 treasury shares on the Euronext Milan, valued at approximately 12.5 million euros, as part of its ongoing buyback program aimed at enhancing shareholder returns.

Since the start of the second tranche in June 2024, Eni has purchased over 70 million shares, representing 2.13% of its share capital.

This strategic move reflects Eni’s commitment to optimizing its capital structure and delivering additional value to its investors.

[the grumpy old men] 19/11/2024 18:38

Eni Launches New Supercomputer HPC6 That Ranks No.5. In The TOP500 List
November 19, 2024 0 Comments

By Eurasia Review

Eni announced Tuesday the completion and launch of a new supercomputing system (High Performance Computing – HPC) HPC6. HPC6 provides a significant increase in computational powerto a peak of 606 PFlop/s, or over 600 quadrillion mathematical operations per second.

The system has achieved a debut ranking of No.5. in the new TOP500’s list (released on November 18, 2024) of super computers. This is an excellent result that ranks HPC6 as first supercomputer in Europe, the world’s first industrial-use supercomputer and the only non-US system among the top 5 in the world.

The launch of HPC6 marks a pivotal moment in Eni’s decarbonisation strategy, where technology and innovation differentiate Eni’s approach and deliver value creation through the development of new businesses related to the energy transition.

For years, Eni has been leveraging supercomputing to optimize industrial plant operations, enhance the accuracy of geological and fluid dynamics studies for CO2 storage, develop more efficient batteries, optimize the biofuel supply chain, and develop innovative materials for applications in biochemistry. Eni has also used supercomputing to simulate plasma behavior in magnetic confinement fusion. HPC6’s significant computing power will continue the acceleration of Eni’s transformation process, enabling the identification of innovative, scalable, and economically sustainable solutions, and accelerating the development of new, high-potential businesses related to the energy transition.

The availability of a high computing power, such as HPC6, further strengthens the relationship between Eni and its Satellite companies and will play a key role in building new partnerships. Eni has always placed technology and innovation at the center of its strategy. It was one of the first companies in the world to invest in high-performance computing for industrial use. In recent years, the company has increasingly applied its research in computing across its work in the energy transition.

Eni’s CEO stated, Claudio Descalzi: “Innovation and the constant evolution of technologies are fundamental to maintaining and strengthening Eni’s leadership in the energy transition. Technological advancements allow us to use energy more efficiently by reducing emissions and promoting the development of new energy solutions. We have integrated supercomputing throughout our entire business chain, transforming it into an indispensable lever for achieving Net Zero and creating value. Eni has developed a unique heritage of technological knowledge and programming that gives us a competitive advantage on the international stage and supports the speed of our transformation while simultaneously driving our growth.”

Specifically, Eni’s new HPC system delivers a significant increase from the 70 PFlop/s of HPC4 and HPC5 to over 600 peak PFlop/s of HPC6, representing an increase in computing capacity of an order of magnitude. Based on cutting-edge architecture similar to the most powerful systems worldwide, HPC6 combines CPUs and GPUs in a hybrid configuration, with over 3400 compute nodes and nearly 14,000 GPUs, optimizing both computational performance and energy efficiency.

HPC6 is installed in a dedicated area within Eni’s Green Data Center, one of the most energy-efficient data centers in Europe among the best for its low carbon footprint. From its start the primary objectives have been operational efficiency and the minimization of environmental impact, placing sustainability at the core of its mission. This goal has been achieved through the implementation of a new liquid cooling system, which can improve energy efficiency by optimizing the absorption of heat generated by the new machine. Eni’s Green Data Center enables the company to combine skills, technologies, and diverse business lines to support the energy transition, operating as a globally advanced energy center in Ferrera Erbognone, near Milan.

With HPC6, Eni strengthens its leadership in high-performance computing for industrial applications and reaffirms its position as a technology-driven company supporting the energy transition.

Credit: Eni

[waldron] 17/11/2024 21:03

Ex-dividend date: November 18, 2024



Record date: November 19, 2024




The second tranche will be paid on November 20, 2024

[waldron] 12/11/2024 00:50

Eni Sells Another Slice of Plenitude to EIP

Energy Intelligence Group

Published:
Mon, Nov 11, 2024

Author
Noah Brenner, London

Editor
Andrew Kelly


Eni has sold another 1% interest in its Plenitude renewable power unit for €209 million ($223 million) to Swiss investor Energy Infrastructure Partners (EIP) as the Italian company continues to make swift progress toward its divestment targets.

[gibbs1] 06/11/2024 23:13

Eni SpA

14.00 EUR −0.11 (0.79%)

Nov 6, 17:37 GMT+1

Mkt cap
46.31B

P/E ratio
17.78

Div yield
6.93%

CDP score
A-

52-wk high
15.82

52-wk low
13.48

[misca2] 29/10/2024 19:41

ANSA English


Snooping gang had 'confidential Eni papers'

Documents found at Equalize's Milan headquarters

ROME, 29 October 2024, 17:03


Reserved documents of energy giant Eni have been found at the Milan headquarters of investigative company Equalize at the centre of a major probe into an alleged gang of cyber spies that hacked into police data bases to glean sensitive information and compile dossiers on business, political and entertainment figures, investigative sources said Tuesday.


Along with "a real police archive", "numerous" papers on Paolo Simeone, "a well-known Italian contractor and youtuber" as well as "reserved documents" regarding the oil group were found by investigators, sources said.


Equalize is owned by Milan Fair Foundation President Enrico Pazzali, who stepped down from his role after being placed under investigation, and run by former super cop Carmine Gallo, who is under house arrest - the two alleged ringleaders of the suspected snooping gang.

[waldron] 25/10/2024 14:05

Josh White
Sharecast News

25 Oct, 2024 13:48 25 Oct, 2024 13:23

Eni expands share buybacks after better-than-expected third quarter

Italian energy major Eni announced an increase to its 2024 share buyback programme on Friday, after stronger-than-expected third-quarter profits driven by higher production and strategic portfolio improvements.

Despite a 30% year-on-year drop, Eni still reported a net profit of $1.37bn for the third quarter, surpassing market expectations for $1.17bn.

The increase was supported by a 2% rise in oil and gas production to 1.661 million barrels per day.

Production gains stemmed from ramp-ups at Eni’s key projects in Côte d'Ivoire and Mozambique, as well as increased output in Indonesia and Libya.

However, Eni's exploration and production division saw pro-forma adjusted EBIT decline by 5% annually to $3.47bn, impacted by lower crude prices.

Eni said its refining sector struggled, with refining margins falling to $1.70 per barrel from $11.70 a year ago, mirroring similar challenges faced by BP, Shell, and TotalEnergies amid weak demand and overcapacity.

“In the third quarter, by delivering a performance ahead of expectations, we have again demonstrated the resilience of our business model thanks to our increasingly advantaged asset portfolio, stringent cost and capital discipline and strategic focus on growth and value creation,” said chief executive officer Claudio Descalzi.

Eni increased its share buyback plan by 25% to $2.16bn for 2024, making for an 80% rise over initial projections, and raising total shareholder distributions to 38% of cash flow from operations.

At 1423 CEST (1323 BST), shares in Eni were up 1.35% in Milan at €14.42.

Reporting by Josh White for Sharecast.com.

[maywillow] 25/10/2024 07:48

Eni Cuts Profit Guidance on Weakening Oil-Price Outlook


By Alberto Brambilla


October 25, 2024 at 2:23AM EDT


(Bloomberg) -- Eni SpA lowered profit guidance for the year, reflecting a worsening oil-price outlook, even as third-quarter earnings beat analyst estimates.

Europe’s energy companies are reporting results for a period marked by lower crude prices and narrower margins for refining and chemical products.

Eni reduced its forecast for full-year proforma adjusted earnings before interest and taxes to €14 billion ($15.2 billion) from previous guidance of about €15 billion. Quarterly adjusted net income edged above estimates at €1.27 billion.

Although energy companies around Europe and elsewhere braced for weaker profits in the quarter, there’s so far no sign they’ll curtail returns to investors.

Eni confirmed plans to raise its 2024 share buyback to €2 billion.

“Lower guidance was widely expected, as management had $86 a barrel for Brent for 2024 — too high compared to year-to-date average and prevailing oil prices,” Mediobanca analyst Alessandro Pozzi said in a note.

Benchmark Brent crude is currently trading around $75 a barrel in London.

Earlier this week, Eni signed a deal with KKR & Co. to sell a minority stake in its biorefining unit, Enilive. It’s seeking funds to finance clean-energy projects, a move that includes asset disposals and spinoffs.

The company said Friday its €8 billion asset-sale plan to 2027 is “proceeding faster than expected,” with half of the disposals coming from the exploration and production business.

“In upstream, we continue our divestment program, and are also in the final stages of evaluating options to monetize recent material discoveries via our dual exploration model,” Chief Executive Officer Claudio Descalzi said.

Eni also plans to spend about €2 billion to overhaul its aging chemicals business in Italy as part of a shift toward lower-carbon options, the company said Thursday, confirming an earlier Bloomberg report.

The shares traded up 1.1% at 9:10 a.m. in Milan on Friday.

Eni “continues to deliver on its strategic objectives, and the nudge-up in distributions is likely to be welcomed by investors,” RBC Europe Ltd. analysts said in a note.

(Updates with analyst comments starting in fifth paragraph, shares in 11th)

[maywillow] 24/10/2024 08:38

Eni Sells Stake in Biorefining Unit Enilive to KKR in Green Push


Antonio Vanuzzo


Thu, October 24, 2024 at 9:07 AM GMT+2 1 min read


(Bloomberg) -- Eni SpA signed a deal with KKR & Co Inc to sell a minority stake in its biorefining unit Enilive in a push to finance its green transition.



The deal envisages the US investment firm taking 25% of Enilive for €2.94 billion ($3.17 billion), giving the division a valuation of €11.75 billion, according to a statement on Thursday. Eni said it will also inject €500 million in the unit — which comprises biorefining and biomethane assets as well as mobility solutions — to make it debt-free.

Eni’s new strategy started with the disposal of a minority stake in green division Plenitude to Energy Infrastructure Partners AG in 2023. The company’s so-called satellite model includes spinning off divisions and partnering with external investors, with a view to eventually listing them.

Shares of the company rose as much as 1.5% in Milan trading.

Eni, which reports results for the third quarter on Friday, is also in talks with investors including Snam SpA for a stake in a new carbon capture and storage division. It’s also planning to spend about €2 billion to overhaul its aging chemicals business in Italy as part of a shift away from fossil fuel-based products toward increasing use of decarbonized options.

Bloomberg Businessweek

[adrian j boris] 23/10/2024 11:50

Dividend calendar: future dates

The dividend is split into 4 instalments paid every year in March, May, September and November.


The second tranche will be paid on November 20, 2024 (ex-dividend date: November 18, 2024; record date: November 19, 2024).

[adrian j boris] 23/10/2024 07:14

Eni Is Nearing a €2 Billion Plan to Reshape Its Italian Chemicals Business

By Alberto Brambilla

October 22, 2024 at 8:56AM EDT

(Bloomberg) -- Eni SpA is set to spend about €2 billion ($2.2 billion) to overhaul its aging Italy chemicals business, with a shift away from fossil fuel-based source products toward increasing use of decarbonized options.

The Italian energy major will gradually phase out production of basic chemicals at its loss-making Versalis business and focus on renewable, circular and specialty chemicals made from non-fossil fuel materials, according to people familiar with the plan.

The move comes as Europe’s chemicals industry faces a pivotal moment amid high energy costs and competition from Asia. Saudi Arabia’s SABIC decommissioned a naphtha cracking facility in the Netherlands this year while Exxon Mobil Corp. is closing chemicals operations in France. LyondellBasell in May announced a review of some European assets.

Eni’s transformation project will likely last five years, said the people, asking not to be named discussing confidential information.

Versalis plants in the southern regions of Sicily and Puglia will see a gradual reduction and stoppage in the use of steam crackers, which process hydrocarbon into ethylene. The company remains open on future uses for those facilities, according to the people.

The group’s chemicals plants in southern Italy now supply Versalis facilities in northern Italy. After the eventual shutdown of the crackers, the northern Italy plants will rely mostly on imported fossil fuel-based chemicals, the people said.

An Eni representative declined to comment on the chemicals unit transformation and relaunch plan, adding that details will be announced shortly.

Versalis, which last posted a profit in 2017, recorded a €220 million loss for the second quarter of this year. Eni has said restructuring and repositioning of the business will bring it back to break-even next year with a profit in 2026.

Eni Chief Executive Officer Claudio Descalzi has said the company needs to consider more radical initiatives in chemicals and focus more on bio-plastics.

The recent reorganization of the group’s structure was partly driven by that shift, Descalzi said last month. The executive also recently criticized the European shift toward services and away from core industries like chemicals.

--With assistance from Alex Longley and Antonio Vanuzzo.

Bloomberg

[waldron] 22/10/2024 15:39

Eni enlists GTT’s tank maintenance skills for FLNG gig

October 22, 2024, by Dragana Nikše

Italy’s oil and gas giant Eni has handed out a contract to France’s technological containment specialist Gaztransport & Technigaz (GTT) for servicing its floating liquefied natural gas (FLNG) unit offshore Mozambique.

Coral Sul FLNG; Source: Eni

The scope of the agreement entails technical support services to ensure the efficient operation and maintenance of the liquefied natural gas (LNG) storage tanks on board the Eni-operated Coral Sul FLNG. The French player will provide on-site and remote technical assistance, on-site testing, inspection, emergency assistance, engineering services, and specialized training programs.

GTT’s Chief Executive Officer (CEO), Jean-Baptiste Choimet, said: “We are proud to accompany Eni on the Coral Sul FLNG project, which contributes to the development of the LNG industry in Africa. GTT remains committed to providing tailor-made, innovative services that support the transition to cleaner energies.”

GTT’s Mark III membrane containment system was selected for the FLNG’s eight LNG tanks in 2017 when the unit was said to be the second biggest in the world. Boasting a production capacity of 3.4 million tonnes of LNG per year and a storage capacity of 238,700 cubic meters, the barge is situated in the Coral reservoir within the Rovuma supergiant gas basin offshore Mozambique.

Mozambique Rovuma Venture (MRV) – comprising Eni, ExxonMobil, and China National Petroleum Corporation (CNPC) – holds a 70% interest in the Coral Sul FLNG project, with the remaining 30% split equally between Empresa Nacional de Hidrocarbonetos (ENH), Kogas, and as of recently ADNOC, after it inked a deal to purchase Galp’s 10% interest.

The FLNG has been producing and exporting LNG and condensate since October 2022, with the first shipment following suit one month later. Its current production levels of around 24,000 cbm of LNG per day are said to exceed expectations, enabling the delivery of one weekly LNG shipment and one bi-monthly condensate shipment, or 75 LNG shipments and 11 condensate shipments since starting operations.

[gibbs1] 21/10/2024 07:39

Eni Rebrands French Energy Unit, Launches New Customer Model


by Paul Anderson
|
Rigzone Staff


| Monday, October 21, 2024 | 2:57 AM EST


Eni said the rebranding is in line with its business model integrating renewables production, the sale of energy and energy solutions, and a network of charging points for EVs.


The Italian energy major Eni S.p.A. has renamed Eni Gas and Power France to Plentitude, Eni’s renewable energy arm. The company said in a media release that the rebranding is in line with its business model integrating renewables production, the sale of energy and energy solutions, and a network of charging points for electric vehicles.

“Plenitude, a name that represents our comprehensive global vision and energy in continued regeneration, marks today a further step in the evolution of its activities in France. After Italy, Spain, and Portugal, we are very proud to present also in the French market our brand that expresses a clear mission, rooted in innovation and growth, to build together with our customers a future in which energy becomes synonymous with trust, sustainable development, and progress, accompanying them on the path towards energy transition”, Giorgia Molajoni, Digital, Information Technology & Communication Director of Plenitude, said.

With the rebranding, Eni said Plenitude is launching a new customer service model and a technology platform. This new approach aims to provide customers with a more personalized and engaging experience, focusing on their individual energy needs and supporting their transition to renewable energy sources. By offering certified renewable electricity, Eni said Plenitude is demonstrating its commitment to sustainability and customer satisfaction.

Furthermore, Eni said Plentitude is focusing on strengthening its presence in the French renewables sector. The company operated 120 megawatts-peak (MWp) of photovoltaic installed capacity and has a further 700 MW of new solar and wind projects under development.

Additionally, Plenitude is expanding its electric vehicle charging infrastructure with the "On the Road" network. This network will include fast and ultra-fast charging stations, making it easier for French customers to charge their electric vehicles. Additionally, the "Plenitude On the Road" app will provide access to over 400,000 charging points across Europe, offering customers a wider range of charging options.

To contact the author, email [e-mail]

[the grumpy old men] 18/10/2024 08:50

Eni’s Plenitude begins construction of 220MW solar plant in Spain

The solar facility will be equipped with 365,300 bifacial modules and is projected to generate more than 400GWh per year.

October 18, 2024


The solar facility will be completed in 2025 and become one of the largest in the Castilla y Leon region.

Plenitude, an energy company controlled by Eni, has initiated the construction of a 220MW solar plant in Villarino de los Aires, Salamanca, Spain.

The facility will become one of the largest in the Castilla y Leon region.

Covering 286 hectares, the facility will be connected to Spain’s national transmission grid through a 3.2km underground medium-voltage line.

It will feature 365,300 bifacial modules and generate more than 400 gigawatt hours (GWh) of electricity per year.

Completion of the project is targeted for 2025, with photovoltaic construction company Sterling & Wilson heading the construction alongside other local companies.


Among the measures undertaken to protect the local environment include the conservation of rural huts and natural water channels, and the installation of a permeable hunting fence.




The development enhances Plenitude’s footprint in Castilla y Leon, complementing its existing 13MW wind facility.

Plenitude currently operates more than 440MW of photovoltaic and wind capacity across various Spanish regions and is constructing projects totalling 1GW in the country.

It is also advancing more than 2GW of new capacity through projects in development.

Plenitude Spain managing director and Western Europe Renewables head Mariangiola Mollicone stated: “The Villarino project is a virtuous example of integration with the territory.

“Being here today, in the presence of all the actors involved, is tangible proof of our willingness to continue this collaborative approach in the coming years, in line with our business and growth strategy in the country.”

In early 2024, Plenitude formed a partnership with BlueFloat Energy and Sener Renewable Investments to develop offshore wind projects in Spain.

The alliance strengthened the joint venture created by BlueFloat and Sener Renewable Investments in 2020, aimed at developing 1.25GW of floating offshore wind projects.

The consortium’s portfolio includes projects such as Parque Nordes in Galicia, Parc Tramuntana in Catalonia and Parque Tarahal in the Canary Islands.

[the grumpy old men] 16/10/2024 18:50

Eni S.p.A. Boosts Shareholder Value with Buyback

TipRanks Auto-Generated NewsdeskOct 16, 2024, 06:17 PM



Eni S.p.A. has strategically acquired over 3.8 million treasury shares, equivalent to 0.12% of its share capital, on the Euronext Milan during early October 2024.

This purchase, part of a broader buyback program, aims to enhance shareholder returns beyond dividends, with a total investment of approximately €55 million.

Since the inception of the second tranche in June 2024, Eni has bought back a notable 1.60% of its share capital, reflecting a strong commitment to shareholder value.

TipRanks

[waldron] 16/10/2024 07:09

Eni to drill new wells in Egypt

16 October 2024 By Wil Crisp

The wells are expected to enhance production at the Zohr offshore gas field




MEED
MEED MEDIA