Eni, stop to Russian gas by 2025

Russian gas will be completely replaced in 2025. This was stated by Eni’s CEO Claudio Descalzi during “Lombardy 2030”: «In February we started looking for diversification based on what we had in portfolio in Africa, the Middle East, Far East and USA».

“The problem has been solved – he added – because we are able to cover 50% of Russian gas with 21/23 billion cubic meters and in 2025 100% will be replaced”. «2023 will be a complex year – continued the CEO of Eni – because we will have 6/7% of Russian gas and we will have to be able to count on the LNG that will arrive by ship. We need the infrastructures to create an offer that exceeds the demand».

Descalzi spoke of energy security: “If we want to achieve energy security with an overabundance of gas, in my opinion we should have another four regasification plants to be safe”.

“Just to tell you how things are in other countries – added Descalzi – Spain consumes 30 billion cubic meters of gas a year and has 60 billion cubic meters of regasification”, while countries like Austria and Slovakia consume around 5 billion cubic meters of gas and “they have the same storage capacity, not regasification”, so “we need to increase regasification capacity on the one hand but also to increase storage by at least 6-7 billion”.

Oil at its lowest since 2021 and gas down. The week starts under the sign of commodities. In Amsterdam, TTFs drop almost 6%, just above 117 euros per megawatt hour (below 116, the minimum so far). While Wti and Brent drop more than 3%. The former travels below 74 dollars a barrel, while the latter is close to 81 dollars a barrel. Among metals, gold gains half a point to 1,761 dollars an ounce. On the agri-food front, both durum wheat (-0.3%) and soft wheat (-1.2%) fell respectively to 909.5 and 788 dollars for the 5,000 bushel futures contract, the US unit of measurement for cereals.