Eni, super capital gain in Angola
Eni is about to start up for the first time a free share distribution program to its employees. In the meantime, together with partner BP, he achieved a huge dividend from the Azule Energy joint venture in Angola. The figure emerged from BP's 2023 financial report, which it indicated a dividend of 708 million dollars for Eni, including an adjustment for the transfer of assets. This was even higher than that of BP, highlighting the profitability of the investment.
Azule Energy was founded in August 2022, resulting from the merger of Eni and BP's local oil and gas businesses. He owns a portfolio of interests in 16 licenses, including 6 exploration blocks, and a stake in the Angola Lng joint venture. Eni also transferred its stake in Solenova, a solar company in partnership with Sonangol, and the partnership in the Luanda Refinery to Azule Energy.
The company has net resources equivalent to 2 billion barrels and is the largest independent producer in Angola, expecting to reach a production of approximately 250 thousand barrels of oil equivalent per day over the next 5 years. In 2023, revenues exceeded $5.1 billion, up from around $2.3 billion in 2022. Azule is considered an independent company in Eni's strategy, like other entities such as Var Energi and Plenitude.
However, unlike Var Energi, Azule is not listed and will not be, while Eni has different plans for Plenitude and C. In another initiative in Africa, President Sergio Mattarella visited Eni's plants in Abidjan on the Costa d 'Ivory, highlighting Eni's contribution to the generation of electricity through the gas produced from the Baleine field, which represents the first upstream net zero emissions development project in Africa.
Returning to Italy, Eni will present the 2024-2026 widespread share ownership plan at the shareholders' meeting on May 15, with the intention of involving over 20,000 Italian employees and subsequently those of foreign companies. The plan provides for two annual assignments of free shares, with an individual annual value of 2,000 euros, and the introduction of a three-year lock-up period for each assignment.
From 2026, a co-investment method will be introduced, where free shares equal to 50% of those purchased by employees will be assigned, up to a maximum of one thousand euros, with a block of one year for the shares purchased and three years for those assigned free of charge.
The plan will be supported by 6.4 million shares from the new buyback program, worth 1.1 billion euros, which could be increased up to 3.5 billion euros. Furthermore, Eni's board of directors has resolved the possible issue of one or more bonds, up to a total amount of 5 billion euros, to be placed with institutional investors by March 31, 2026.
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