(Bloomberg) -- Eni SpA’s assets selloff plan is more than halfway completed and is far ahead of schedule, according to a UBS report on Thursday, adding that it expects the remaining disposals this year to be mostly focused on the upstream business.
The Italian energy group has already sold assets for a total €5.9 billion ($6.1 billion), while a further €3 billion of sales are likely to be announced by the end of 2025, UBS analysts said.
Eni’s strategic plan calls for selling about €8 billion in assets through 2027, with almost half coming from sales of stakes in company units and the other half from upstream activities, the part of the business that includes identifying, extracting and producing energy.
“We see a risk that Eni becomes a victim of its own success,” analysts Joshua Stone, Henri Patricot, and Christabel Kelly said. “Given the fast progress made, we think most of the good news is priced in, and the risk is slightly skewed to the downside should there be any delays.”
Remaining assets available for disposal include a stake in the group’s Ivory Coast activities, Bloomberg reported earlier, other upstream interests, and a stake in biofuel and bioplastic unit Novamont, UBS said.
The company’s broader strategy entails gradually cashing out of hydrocarbon-related activities to finance its energy transition plan, and Chief Executive Officer Claudio Descalzi is pursuing a so-called satellite model, which envisages splitting off divisions and partnering with external investors, with the goal of eventually listing them.
Eni is in talks with investors to sell a stake in a new carbon capture and storage division it plans to spin off, Bloomberg reported. The energy company will unveil its 2025-28 strategic plan on Feb. 27, according to its financial calendar.
--With assistance from Antonio Vanuzzo.
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