Eni Aims to Produce LNG in Qatar

Eni Aims to Produce LNG in Qatar

Eni is reportedly showing interest in producing and exporting liquified natural gas (LNG) in Qatar, Reuters reported.

The Italian company’s CEO, Claudio Descalzi, is expecting Eni to raise about $334.4 million (EUR 300 million) from exit deals during H2 2019.

Moreover, the CEO has noted that current debt levels are encouraging to continue the share repurchase program in 2020.

In May, the company’s Board of Directors approved measures to begin the 2019 stock buyback program for up to to 67 million shares, with a maximum of EUR 400 million.

It should be mentioned that Qatar Petroleum recently announced that it has signed an agreement to enter three exploration blocks in Kenya that are operated by Eni, which owns a 41.25% stake, with Total and Qatar Petroleum holding 33.75% and 25%, respectively.

The Italian company says that it has been rapidly delivering a strategy of transformation that was designed to enhance its business operations by drastically reducing debt, increasing production, and finding new ways to diversify the company’s portfolio.


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