Italian energy giant Eni reports its adjusted net profit for the second quarter was €3.81 billion. This takes the half-year profit up to €7.08 billion as energy prices soar.
Eni reported its adjusted net profit for the second quarter was €3.81 billion, taking the total for the first half of 2022 up e7.08 billion. This comes amid soaring energy prices following Russia’s invasion of Ukraine.
However, CEO Claudio Descalzi stressed the efforts Eni has made to “secure new energy supplies” amid uncertainty about supplies of gas from Russia and market volatility.
“After new gas agreements with our partners in Algeria, Congo and Egypt earlier in the year, in June Eni entered the North Field East venture in Qatar, part of the world’s largest LNG project,” he said.
“In East Africa, gas production started from the eni’s operated Coral South FLNG, the first development of Mozambique’s large potential”.
“Shameful” profits
Angelo Bonelli of the Europa Verde Green party blasted the profits as “shameful”. Soaring energy prices are the driving force of the cost-of-living crisis and fossil-fuel emissions are the main cause of the climate crisis.
“We are faced with a policy of deep and unprecedented social injustice,” Bonelli said. “One the one hand we have those who get rich while the (rest of the) country gets poor because of the increase in energy prices”.
Eni committed to a plan to cut greenhouse-gas emissions of its energy products by 80% by 2050, with increasing focus on renewable energy sources.
