MILAN: Italian oil and gas company Eni said Friday the recovery in global crude prices along with record production helped it swing back into profit in 2017.
The company turned a loss of €1.46 billion in 2016 into a net profit of €3.4 billion in 2017, much higher than the average of just under €2 billion expected by analysts surveyed by Factset Estimates.
In the fourth quarter alone the company recorded a net profit of €2.1 billion, six times the level of last year and more than three times the amount expected by analysts.
“We close 2017 with excellent results which underline how the process of intense change started in 2014 has transformed Eni into a company able to grow and create value even in difficult market conditions,” chief executive Claudio Descalzi said in a statement.
The rise in crude prices, from an average of $44 per barrel in 2016 to $54 last year, helped swell sales by 20 percent to €66.92 billion,
Production also climbed by 3.2 percent to 1.82 million barrels of oil equivalent per day, a record annual average.
While Eni won’t present its new three-year strategic plan until next month, it announced Friday it aims to increase output by another three percent this year by stepping up production at its existing fields in Egypt, Angola and Indonesia.
Eni has put exploration and rapid development of production at the heart of its strategy.
Last year it launched production at Zohr in Egypt, the largest gas field in the Mediterranean, in a record time of two-and-a-half years following its discovery.
It has diluted its holdings in some of those fields, including Zohr, as it strives to maintain financial discipline as it moves forward.
“Looking to the future, we see excellent growth prospects for all of our businesses,” said Descalzi.
“However, growth must be sustainable and we will pursue it in a disciplined way with great respect for the possibility of the most difficult operating conditions,” he added.
Eni back in the black with rise in oil prices
Eni back in the black with rise in oil prices
Mawani, Qatar Ports ink cooperation deal to boost regional maritime trade
RIYADH: The Saudi Ports Authority, or Mawani, and Qatar Ports Management Co. signed a memorandum of understanding aimed at boosting maritime and logistics cooperation, contributing to the development of the ports sector, raising operational efficiency, and supporting regional and international trade flows.
The MoU was signed by Mawani President Suliman Al-Mazroua and Qatar Ports Management Co. CEO Abdullah Mohammed Al-Khanji, in the presence of Qatari Ambassador to Saudi Arabia Bandar bin Mohammed Al-Attiyah.
The step reflects both sides’ commitment to building effective partnerships, exchanging expertise, establishing an organized framework for cooperation management, and developing joint investment opportunities in line with Saudi Vision 2030 and Qatar National Vision 2030.
The MoU outlines eight key areas of cooperation, including the exchange of best practices in port management and operations, and studying opportunities for direct maritime and land connectivity between the two countries’ ports to enhance trade efficiency.
It also includes collaboration in logistics services, exploring the establishment of joint maritime corridors serving bilateral and regional trade, and assessing the feasibility of creating shared regional distribution centers.
Both parties agreed to enhance cooperation in digital transformation and artificial intelligence, focusing on smart systems, data governance, and a unified maritime window to improve operational efficiency and remain at the forefront of technological progress in the maritime sector.
The MoU emphasizes maritime safety and environmental protection, including the exchange of expertise on marine pollution control and emergency response, the development of joint maritime emergency plans, and the establishment of a bilateral emergency communication line.
It also promotes collaboration to ensure compliance with international conventions, conduct joint exercises, and implement risk-monitoring systems.
Cooperation further extends to human capital development through joint training programs and on-the-ground expertise exchanges, as well as academic and research partnerships in maritime transport and logistics.
Regarding joint investment, both parties will explore local and international opportunities in ports and related services, coordinating with the private sector to support these initiatives.
The MoU also includes cooperation in cruise tourism through enhanced maritime connectivity and joint promotion of Gulf cruise routes, as well as coordination of positions in international maritime organizations and support for joint initiatives, notably “Green Ports” and “Safe Sea Corridors.”
This memorandum reflects the commitment of Mawani and Qatar Ports Management Co. to advancing the ports sector and boosting its role as a key driver of trade and economic growth, contributing to Gulf integration, and enhancing regional competitiveness in maritime services.
