Eni expects to invest 20 billion dollars in the Gulf within 5 years

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The head of Eni said on Tuesday that the Gulf remains a ‘area strategic for the Italian energy group and which will invest around 20 billion dollars in the next five to six years.

“Surely for us it is a ‘area strategic, not only to invest but to invest in the energy transition “, said Claudio Descalzi in a web conference.

At the beginning of questyear, Eni unveiled some of the most ambitious climate goals in the energy sector.

Eni is committed to achieving greater returns for shareholders, after having achieved a higher-than-expected net profit in the second quarter, in how much the increase in the price of oil has compensated for the drop in production.

Adjusted net profit for the period was € 929 million ($ 1.1 billion), exceeding the forecast media of the company of 0.57 billion euros.

In the same period of last year Eni had recorded a loss of 714 million euros.

Eni said it will pay a dividend of € 0.86 per share for 2021, up from € 0.36 last year, and has launched a share buyback for € 400 million.

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