From Investing.com: 2024-05-13 03:06:03

Italian energy group Eni plans to spin off stakes in high-potential oil and gas projects in Indonesia and Ivory Coast to raise capital for development. CEO Claudio Descalzi aims to focus on low-carbon activities, creating separate entities to attract investors and funding. Eni aims to list and sell divisions to raise 4 billion euros by 2027.

Eni recently combined its British North Sea operations with Ithaca Energy for a 38.5% stake, valued at $1 billion. The company is considering similar deals for other projects in need of investments, like those in Ivory Coast and Indonesia. Eni aims to create a gas hub in Indonesia and expand exploration activities.

Eni plans to raise 4 billion euros by 2027 from listing or selling stakes in low-carbon satellites and oil and gas units. Recent successful ventures such as Vaar and Azule Energy have prompted Eni to further explore spinning off businesses for funding. Analysts are divided on the potential impact on shareholder returns.

Eni continues to explore opportunities to list and sell stakes in various units, such as bio-plastic maker Novamont and Carbon Capture and Storage. The company’s flexible corporate structure allows for specialized capital access, which could benefit future growth and shareholder returns. Eni aims to increase shareholder value through strategic divestments and capital allocation.



Read more at Investing.com: Eni eyes new oil and gas spin-offs in energy transition satellite strategy By Reuters