Eni SpA history, profile and corporate video
Eni SpA is an energy company, which engages in oil and gas exploration and production. The company operates through six segments: Exploration & Production, Gas & Power, Refining & Marketing, Trading, Engineering & Construction, and Chemicals. The Exploration & Production segment engages in the exploration, development and production of oil and natural gas. The Gas & Power segment engages in the supplying, trading, and marketing of gas and electricity. The Refining & Marketing segment engages in refining and marketing of petroleum products in Italy. The Trading segment engages in asset backed trading and portfolio risk management activities. The Engineering & Construction segment engages in engineering, oilfield services and construction of both offshore and onshore for oil and gas industry. The Chemicals segment engages in the production and marketing of a wide portfolio of petrochemical products. Eni was founded on February 10, 1953 and is headquartered in Rome, Italy.“
Eni was founded and established by law in 1953 from an existing company, Agip, created in 1926 with the aim to explore for oilfields, acquire and commercialize oil and derivatives. On March 1953 Enrico Mattei was nominated Eni’s Chairman.
Eni originally was an acronym for the company’s full title Ente Nazionale Idrocarburi. Since 1995 the meaning ceased to be relevant but the name was maintained.
In 1952 Eni chooses its own logo, the six-legged dog, an imaginary animal symbolizing the sum of a car’s four wheels and the two legs of its driver.
Starting 1954 Eni holds extensive exploration rights in North Africa, signing an agreement with the Egyptian government lead by Nasser while providing an active and equal role for the crude producing countries through the establishment of joint ventures.
In 1957 Eni pushed for a similar agreement, known as the “Mattei formula”, to be signed with Persian Shah Reza Pahlavi and the National Iranian Company.
In 1960, during the Cold War period, Eni signed an agreement with the Soviet Union for the importation of Russian crude at very reasonable prices.
On 27 October 1962 Enrico Mattei died on an aircraft accident involving his twin-jet while surrounding Bascapè, on his way to Milan from Catania.
During the following years, Eni signed contracts in joint venture with foreign companies to supply crude from Egypt to Iran and from Libya to Tunisia.
In 1967 Eni acquired Italgas.
In October 1973 after the Yom Kippur War and the embargo against the United States and the Netherlands agreed by OPEC members Arab countries, a serious oil crisis occurred, pushing Eni in need to consolidate its position in the international market by signing an agreement with Sonatrach, the Algerian state oil entity for natural gas supply.
In 1974 Eni signed an agreement with Libyan government, followed by further agreements with Egypt, Nigeria and Tunisia, while developing two new major oil discoveries in the British North Sea got on 1972.
During the middle 70’s Eni planned a major infrastructure for transporting natural gas over long distances by building a pipeline network of thousands of miles throughout Europeand the Mediterranean.
After the inauguration of the Trans-Mediterranean Pipeline connecting Algeria to Sicily through Tunisia, Eni signs a new agreement with Libya for the exploitation of Boùri,the biggest oilfield in the centre of the Mediterranean, and develops its international role within the oil industry.
In 1992 Eni became a joint stock company by Law Decree, being listed to the Italian and New York Stock Exchange in 1995.
From 1995 to 1998 Eni put four share offers fully successfully, as 70% of its capital assets were sold to private shareholders.
As the price of oil collapsed in 1998 as other major companies Eni got to turn into a race through merges, international acquisitions, new explorations and the foundation of real super-companies.
2000 to present
Since 2000 Eni starts developing the major Kashagan oilfield offshore discovery, along the Caspian Sea.
In 2005 the Blue Stream pipeline projected for gas supplying from southern Russia to Turkey is inaugurated as a joint venture between Eni and Gazprom.
In 2007 Eni signs an agreement on South Stream feasibility study with Gazprom to import Russian gas to Europe across the Black Sea.
Activist asset manager Knight Vinke, which owns 1% of the outstanding shares of the company, in October 2009 has begun pressing Eni’s management to operate a spin off of Eni’s gas activities. In its opinion this would solve the undervaluation of the company and release up to 50 billion euros ($70bn) of hidden value.
In 2010 Eni achieves key production milestone in Iraqi Zubair oil field.
After getting a licence in 2006 for the exploration of an offshore area in the north of Mozambique, known as Area 4,Eni announced several major natural gas discoveries between 2011 and 2012 such as Mamba South, Mamba North, Mamba North East, Coral 1.
In February 2014, ENI discovered oil at its DRC offshore block.
Since 2012 Eni has been selling off refining and marketing assets it owned in eastern Europe in order to increase profitability. By 2013 Eni already reduced its refining capacity by 13 percent. In May 2014 Eni agreed to sell their 32.5% share in Ceska Rafinerska AS (CRC), a refining company in Czech Republic, to MOL Group of Hungary.
In June 2014 the company signed an agreement with Sasol to acquire a 40% interest in a permit to explore 82,000-sq-km offshore of South Africa’s east coast.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “enivideochannel“