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Created before Nov 2016
Last update: 2016-03-29 13:46:35 BankTrack
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ENI is an Italian multi-national oil and gas company, and is currently Italy's largest industrial company. Founded in 1953, the company engages in exploring oil and gas fields worldwide, supplying and selling electricity/gas to end consumers, and operating refineries and petrol stations. ENI is active in 85 countries and has over 79,000 employees.
The company has six divisions: exploration and power; gas and power; refining and marketing; trading; engineering and construction; and chemicals. Exploration and power is ENI's main division, and its focus is on locating and producing oil and gas. Operations exist in 43 countries.
Gas and power encompasses all aspects of the gas value chain. Activities include supply, trading, and marketing gas/electricity; gas infrastructures; and LNG supply and marketing. More than 60% of ENI's gas is sold outside of Italy, and therefore the company has a prominent and competitive position in the European gas market.
The refining and marketing division is responsible for refining and marketing fuels and other oil products primarily in Italy and central Eastern European countries. According to ENI, this division is small compared to their competitors. However, ENI still retains the position as the largest refiner in Italy and the leading operator in the retail marketing of fuels.
ENI trading and shipping (ETS) is the company's commodity trading arm. It was created in 2007 with the objective of trading refined products and crudes. The engineering and construction division operates via Saipem, a subsidiary which is listed on the Italian Stock Exchange. The company engages in both onshore and offshore drilling and ENI has a 43% interest in it.
The chemicals division is operated via Versalis, a petrochemical company that is completely owned and controlled by ENI. It engages in the production and marketing of a range of petrochemical products.
The Italian government has an estimated 33% ownership of company shares.