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Eni: unveils strategic plan for zero emissions

( - Eni, the Italian oil-and-gas giant, on Friday committed to the full decarbonization of all its products and processes by 2050 under a new strategic plan.

The company, which reported better-than-expected full-year 2020 results earlier today, said that it plans to merge its renewable and retail businesses to accelerate growth of its customer base to 15 million.

The plan also includes the diversification and the expansion of its bio-refining and marketing businesses, along with growth in circular economy.

Thanks to the move, Eni plans to double its EBITDA to almost one billion euros in 2024, CEO Claudio Descalzi said.

The energy group also set a new base dividend of 36 cents per share at an oil price of 43 dollars per barrel, compared to the previous level of 45 dollars per barrel.

It said that it would launch buybacks amounting to 400 million euros per year from 61 dollars per barrel, and 800 million dollars per year from 66 dollars per barrel.

By comparison, Brent oil is currently worth 63 dollars per barrel.

Eni shares rose by 1.7% on these announcements, although have dropped 28% over the last 12 months, as a result of the Covid-19 crisis and a collapse in oil prices.

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