Eni to exit pipeline JV with Gazprom, joining western exodus from Russia

• Eni (E +3.1%) says it will sell its 50% stake in the Blue Stream natural gas pipeline it has co-owned with Russia's Gazprom (OTCPK:OGZPY) since 1999, joining other energy producers in exiting Russia in response to the invasion of Ukraine.
• Blue Stream manages a subsea pipeline that connects Russia to Turkey through the Black Sea, with a transport capacity of 16B cm/year, and the company's total assets are worth €1.54B (~$1.6B), according to Bloomberg.
• Eni calls its Russia exposure "marginal," noting that joint ventures with Rosneft have been frozen for years following sanctions put in place against Russia in 2014, but Bloomberg reports the Italian company sources ~30% of its gas supplies from Russia.
• Other European oil producers such as BP, Shell and Equinor have announced plans to exit Russia.

Comments

[Snids]

Bloomberg article is wrong, Eni doesn't source anywhere near 30% of its gas from Russia. At most 11% (which is their "Rest of Asia" production category for NG by region), probably far less. See here, last page: www.eni.com/...

[No Picknic]

Who is buying the blue stream stake from Eni? There is no embargo on gas exports from Russia. Is the sale of the Eni stake helping the Ukraine? No unless the pipeline gets shut, which probably wont happen so Eni shareholders get stuffed and the war continues. Eni better ask a high price for their stake of the pipeline.

[ziegle9876]

The European and American energy consumer is being invoiced for corporate wokeness. Big time. This goes along with the legal trend to decriminalize violating the Board of Directors' Fiduciary Duty to Shareholders. So, you are a "shareholder", until we decide to cancel you and your money. Compared to what everybody is doing in "these times", the Enron board was a bunch of Saints. They were just a bit too early in history.

[fisherick]

@ziegle9876 🥜🔨

[ziegle9876]

@fisherick Sorry, don't read Egyptian hieroglyphs....

[fisherick]

@ziegle9876 not heiroglyphics. U breaking my balls with this corporate wokeness dribble.