Eni estimates Italy fuel price cap impact at several hundred million euros a quarter

By Reuters News

Oct 23 (Reuters) - Eni executives ENI.MI tell a post-result conference call:

  • 60% OF SHIPPING WE DO IS UNDER LONG-TERM AGREEMENT, MITIGATING IMPACT OF RAISING SHIPPING COSTS

  • VENEZUELA JUNIN 5 OIL FIELD WILL LIKELY REACH 200,000 BARRELS OF PRODUCTION IN 18-24 MONTHS

  • IMPACT OF CAP ON FUEL PRICES IN ITALY IS ESTIMATED AT FEW HUNDRED MILLIONS OF EUROS PER QUARTER

  • RETAIL MARKET CONDITIONS WERE PARTICULARLY CHALLENGING FOR PLENITUDE

  • PLENITUDE HAD TO BUY POWER ON SPOT MARKET DURING SUMMER DUE TO SPIKE IN CUSTOMER'S DEMAND

  • GROUP HAS SUBMITTED DEVELOPMENT PLAN FOR VENEZUELA GAS FIELD PERLA

  • FINAL INVESTMENT DECISION ON VENEZUELA'S PERLA FIELD WILL COME ONCE GOVERNMENT HAS APPROVED DEVELOPMENT PLAN


Further company coverage: ENI.MI

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