Italian oil major Eni accelerates its energy transition strategy

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Financial Times 12h ago

Italian oil major Eni accelerates its energy transition strategy - Financial Times

Quick Summary:

Eni also said it was in talks over a joint venture with Malaysia’s Petronas, which would see the two companies combine their gasfields into a company that produced 500,000 barrels of oil equivalent a day to serve gas-hungry Asian markets such as China and India.“This will be a huge company.

After recently selling another 5 per cent of its biofuels arm Enilive to US private equity fund KKR, Eni put another 20 per cent of its renewables company Plenitude up for sale.

In a presentation to investors, Eni said its renewable power capacity was on track to grow fourfold to 15 gigawatts by 2030 while its biofuels business should triple its earnings in the same period.