BIT:ENIOil and Gas
Eni’s Venezuelan Oil Return And Nigerian Exit Weigh On Valuation Outlook
Eni (BIT:ENI) has resumed importing Venezuelan crude oil under payment in kind agreements linked to gas supplies, enabled by eased US sanctions.
The arrangement is tied to recovering outstanding receivables from PDVSA through crude cargoes instead of cash.
Separately, Eni is working on the sale of its 5% interest in the Renaissance joint venture in Nigeria, with due diligence and reputational checks on potential buyers under way.
For a company like Eni, which is active across oil, gas and...