SUN - Eni Targets Raising 4B Euros From Upstream Asset Sales | Benzinga
Eni SpA (NYSE: E), an Italian energy giant, is set to raise more than €4 billion (approximately $4.3 billion) through the sale of assets in its global upstream business. This move is part of a broader strategy to sell €8 billion in assets over the next three years, as reported by Bloomberg on Monday.
The asset sales are expected to include operations in Indonesia and Cyprus, among other locations. Under the leadership of CEO Claudio Descalzi, Eni's strategy involves a dual approach to divestments. This includes selling smaller projects that might attract local buyers and considering the sale of stakes in some of its major projects. This strategy is designed to streamline the company's operations and enhance its financial flexibility.
The company has not yet made a public statement on this. However, it had previously indicated a desire to gradually reduce its involvement in hydrocarbon-related activities to finance its transition toward more sustainable energy sources. Descalzi's strategy, known as the satellite model, involves separating divisions and partnering with external investors with the long-term goal of listing these entities. This approach is set to include businesses like Plenitude, a renewables specialist, and Enilive, which focuses on biorefining and mobility.
Among the specific assets under ...