Italy








Energy Markets

Stellantis adds two new members to its board of directors in order to improve financial oversight and tech expertise

Stellantis, a carmaker, announced on Monday that it had nominated Daniel Ramot, Alice Schroeder, and proposed the reelection of five other board members. The mandates of seven executives are coming to an end. Ramot, an Israeli-American, is the co-founder and CEO at Via, a global company that specializes in transportation technology. Schroeder, a former managing Director of Morgan Stanley, currently serves on the board of HSBC North America. The company stated that "the board believes Schroeder’s deep expertise in strategic leadership and financial oversight, coupled with Ramot’s extensive experience in research and technology, will provide highly valued insights and strengthen...

Oil & Gas

Oil & Gas Refining

Pirelli: Talks over dispute with major shareholder ended without agreement

The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli...

Oil & Gas

Eni confirms buyback and cuts capital expenditure, despite posting a smaller-than-expected profit drop

Eni, the Italian energy company, reported Thursday a net profit drop of 11% for the first three months adjusted. This was less than expected. The adjusted net profit was 1.41 billion euro ($1.60 billion), down from 1.58 million euros in the first three months of 2024. However, it was above the analyst consensus of 1,15 billion euro compiled by the firm. As a result of lower oil prices, state-controlled group announced it would reduce its planned net capital expenditures this year below 6 billion euro as part several mitigation measures worth 2 billion euros. Eni has confirmed its distribution strategy,...

Oil & Gas

Financial Times - April 24

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines UK announces final approval for flagship carbon-capture project Davos founder accused by World Economic Forum of manipulating research Bailey: BoE must "take seriously" the risk of Trump tariffs to growth London Metal Exchange to introduce premium for green metals View the full article The UK government and Italian energy giant Eni will announce the final approval for a 38 mile pipeline that will collect carbon dioxide from industrial facilities around Liverpool and Manchester, and bury it off-shore....

Oil & Gas

Eni claims cost-cutting drive was not the cause of Florence fuel depot explosion

Eni, the Italian energy company, rejected on Friday a claim made by prosecutors investigating an explosion that killed five people at an Eni fuel station near Florence. The prosecutors claimed Eni had tried to save money, allowing fuel to be loaded during maintenance. In a statement released on Wednesday, the prosecutors of the Tuscan city Prato stated that the explosion occurred in December because Eni allowed maintenance work to be done at the same time fuel was being loaded in order for the site to run more efficiently and save money. Eni estimated it would have lost about 255,000 euros...

Electric Utilities

Italy's Government adopts a plan to return to nuclear energy

The Italian government adopted a new law on Friday that will allow the return of nuclear energy, almost 40 years after its ban by referendum. Prime Minister Giorgia Mello described it as a move towards energy security and independence. The law, approved by the parliament, gives the mandate to the government to issue detailed transition decrees. Last month, Energy Minister Gilberto Pichetto Fratin stated that he expects the process to be complete by end-2027. Meloni, in a video after a cabinet session, said that the government had approved "another important measure" to guarantee clean, safe and low-cost energy, which can...

Oil Equipment

Saipem, an Italian company, reinstates its dividend before merging with Subsea 7.

Italian energy contractor Saipem has announced that it will resume dividend payments after a 4-year hiatus. The group announced that it would pay out 333 million Euros ($350 million) as dividends in this year. The group expects to pay another $300 million by 2026. The company also pledged to reduce its gross debt by 650 million euro by paying all maturities due between 2025 and 27 to raise its credit rating. The merger of Saipem and Subsea 7, announced at the weekend, creates a global leader in offshore energy services. Saipem has published its results for the past year and...

Oil & Gas

UAE's e& will sell a 40% stake in Khazna, a data center company for $2.2 billion

UAE telecoms group e& announced on Wednesday it had agreed with artificial intelligence company G42 to sell its 40% share in Khazna Data Center Holdings, for $2.2 billion. In a statement, the telecoms company said that this deal would generate a capital profit of $1.4 billion prior to federal royalty and corporate taxes and that the proceeds would be used to pay down its debt. Khazna designs, builds, and operates wholesale datacenters. Separately, MGX and Silver Lake will become minority shareholders in addition to G42, the majority shareholder. The deal is expected to be finalized by the end the first...

Crude Oil

Sources say that two tankers in the Mediterranean Sea were likely blown up by lumber mines

Three sources familiar with the investigation told reporters on Monday that mines set off by timers and attached to ship hulls are likely to have caused the explosions which damaged two crude oil tanks in the Mediterranean Sea between January and February. At least five ships have been damaged. This includes explosions aboard the Greek-managed Seacharm and Seajewel, which were reported last week. These incidents have sparked concerns about a new threat to security in the normally safe waters of Mediterranean. This is at a time when the shipping industry has been dealing with attacks on the busy Red Sea...

Oil & Gas

Meloni, an Italian company, has secured a pledge of investment worth 40 billion dollars from the UAE.

At a Rome bilateral summit, the United Arab Emirates announced that it plans to invest 40 billion dollars in Italy. The two countries did not give a timeframe. Since taking office as Italian Prime Minister in 2022 Giorgia Mello has sought to strengthen ties with Gulf nations, ignoring the concerns raised by political rivals over human rights. Italy under her leadership lifted the arms embargoes imposed on the UAE and Saudi Arabia by previous governments in connection with the Yemen war. Meloni received Sheikh Mohammed bin Zayed Al Nahya, President of the UAE, on Monday during his state visit to...

Oil & Gas

Subsea 7 and Saipem from Norway will create a European leader in energy services

The two companies announced late Sunday that Italy's Saipem had agreed to merge its onshore and offshore energy service provider Subsea 7 with Subsea 7, in a 100% share deal. Subsea Seven shares rose up to 9% at the opening of trading and gained 5% by 830 GMT on the Oslo stock exchange. Saipem shares opened higher than 5% before reducing gains to 1.4%. They said that the combined group will be called Saipem7 and have an order backlog totaling 43 billion euros ($45billion), revenues of around 20 billion euro, and core earnings exceeding 2 billion euros. Citi analysts wrote...

Oil & Gas

Commonwealth prepares world's first grid-scale fusion power plant in Virginia

Commonwealth Fusion Systems, a private company spun off from the Massachusetts Institute of Technology, prepares what it calls the world's first gridscale combination power plant in Virginia, to generate power by the early 2030s, the company stated on Tuesday. The project, if successful, might revolutionize the worldwide energy market by tapping into an essentially endless power source, similar to that which fuels the stars. But it is a long-shot. CFS does not have regional and federal licenses, investors to money the majority of the plant's construction, and the answer to blend's leading technological question: how to get more energy out...

Oil & Gas

Italian district attorneys investigate potential manslaughter in Eni fuel depot blast, sources say

Italian prosecutors on Wednesday opened a probe into possible murder following an explosion at a fuel depot center near Florence owned by Italian energy company Eni that killed five individuals, two judicial sources said. The sources added that district attorneys were likewise looking to see if preventative measures versus office accidents were purposefully withdrawn ahead of Monday's catastrophe. The entire website in the nearby town of Prato was taken by district attorneys, who are focusing their investigation into upkeep deal with the depot that was going on at the time of the mishap, the sources stated. Eni said on Tuesday...

Fossil Fuels

Fossil Fuels

MORNING BID EUROPE - Bright signs from Beijing and bad omens for Apple

Ankur Banerjee gives us a look at what the future holds for European and global markets The possibility of a de-escalation in trade tensions between Beijing, Washington and other countries provided a boost to the markets on Friday. It boosted risk sentiment and lifted stocks worldwide just as Apple's earnings reminded investors of the true cost of a trade war. China's Commerce Ministry stated that Beijing is "evaluating" Washington's offer to hold discussions over President Donald Trump's tariffs of 145% and that Beijing's doors are open for discussion. China also said that Washington should show "sincerity in negotiations" and be...

Oil & Gas Refining

Paper says Pirelli will declare the end of Chinese investors' control over governance.

An Italian newspaper reported that Pirelli's board would likely approve an agreement between shareholders on Monday to ensure that Sinochem, the largest shareholder in the group, did not have control over the tyre manufacturer. Sinochem, a Chinese shareholder in Pirelli, has been a hindrance to Pirelli's U.S. growth plans. According to an agreement reported in the Il Messaggero, Sinochem will keep its 37% stake, but it will not be considered as controlling Pirelli for regulatory purposes. Il Messaggero reported that the agreement would declare Sinochem has no dominant influence on the company's governance as decisions are made by the management....

Fossil Fuels

Italy will meet NATO's defence spending target of 2% GDP this year

Giancarlo Giorgetti, the Economy Minister at a Thursday hearing in parliament, said that Italy would meet NATO's target of 2% GDP on defence expenditures this year. According to NATO, Italy's projected defense budget for 2024 is 1.49% GDP. This is one of the lowest levels of any country in the alliance. The United States are putting pressure on Italy to increase its expenditures. Giorgetti, speaking to lawmakers about Italy's multiyear budget plan, said: "We are acutely conscious of the need for this expenditure to increase in the coming year." Giorgetti stated that Italy's accounting criteria would need to be adjusted...

Mining

Mineral Resources

Mineral Resources

Ferrari launches new 296 Speciale Hybrid models in advance of EV launch

Ferrari updated its hybrid range with the 296 Speciale on Tuesday, and its convertible variant as it prepares to make its first jump into the fully-electric era. Ferrari, which will unveil its first EV next month, has unveiled two new plug-in hybrids at its Maranello headquarters in northern Italy. The 2021 Ferrari 296 is the basis for these cars, which are now nearing the end of their lifecycle. Enrico Galliera, the Chief Marketing and Sales Officer, said that the 296 Speciale was lighter, faster and had improved aerodynamics. He added that it was focused on driving pleasure and performance. He...

Mineral Resources

Some European companies question US expansion amid tariff chaos

The erratic tariff policy of U.S. president Donald Trump is making some European smaller companies question whether they should expand into the U.S. Trump wants to encourage foreign companies to invest in the United States by imposing levies on steel, cognac, cars, and sandals. This will lead to new factories being built and thousands of American jobs. The announcements of rollbacks, exemptions, and other changes have made some smaller companies hesitant to commit. EuroGroup Laminations, an Italian company, pays no import duties on the rotors, stators, and other components it provides to U.S. automakers, such as Ford and GM. These...

Mineral Resources

Meloni will meet Trump for tariff talks on April 17, 2019.

Her office announced on Tuesday that Giorgia Mello will meet Donald Trump, the U.S. president in Washington, on April 17, to discuss tariffs imposed by Trump on imports from the European Union. Trump has a policy of imposing tariffs that are 25% on imports of steel, aluminium and automobiles. The tariffs will be a broader 20% for all other goods starting Wednesday. Meloni said she backed an offer by the European Commission for a "zero to zero" tariff agreement to avoid a trade conflict with the United States. Meloni stated in a staff-released speech that "This is a negotiation which...

Mineral Resources

Stellantis production in Italy dropped further in the first quarter, according to unions

The FIM Cisl union reported on Tuesday that Stellantis' Italian car production fell further in the first three months after falling to a 70-year low by 2024. New models won't support activity until next year. In a report issued by the union, vehicle production, which includes passenger cars and vans, was down 35.5% from a year ago to approximately 110,000 units. The automaker added that activity contracted at all six of its assembly plants in Italy. Production of the Dodge Hornet fell by 80% in Pomigliano to 1,356 units. The Hornet is one of only a few Stellantis models that...

Mineral Resources

Tesla sales in France fall to the lowest level in four quarters

Elon Musk’s electric car brand's first quarter sales in France have been the lowest since 2021, according to data released on Tuesday. Tesla's sales have been in decline ahead of its much-anticipated Model Y midsize SUV launch. The billionaire CEO is a close ally to U.S. president Donald Trump and has courted far-right parties across Europe. Data from the French auto body PFA revealed that Tesla sold 3,157 cars in France in March, a drop of 36.83% from last year. This equates to 6,693 registrations for the first quarter. The PFA's share of the country's market dropped to 1.63% for...

Mineral Resources

US auto tariffs threaten global industry with higher prices and job losses

The announcement by Donald Trump of a 25% auto import tariff sent shockwaves around the globe on Thursday. Global carmakers warned that prices would rise immediately, and dealers expressed concern about job losses in large auto-exporting nations, including many U.S. allies. The new tariffs are expected to lead to a second round of large-scale U.S. duties that will be imposed next week. The auto tariffs could increase the cost of an average vehicle by thousands of dollars in the U.S., and dampen demand further at a moment when the industry is already struggling with the transition to electric vehicles. The...

Mineral Resources

Stellantis' Elkann: European carmakers should avoid the defence industry

Stellantis' chairman said that the European automotive industry doesn't need to switch to defence production. He also confirmed the group will appoint its new CEO by the end of the first quarter of the year. Adolfo Urso, Italy's Minister of Industry, said that Rome is preparing an Industrial Plan to foster connections between the automotive, aerospace and defence sectors. The plan will be revealed in June. Stellantis chairman John Elkann told the Italian parliament that the U.S.A. and China had both strong automotive and defence industries. Therefore, there was no need to choose between them. Elkann's multinational group, which includes...

Mineral Resources

India's April to January finished steel imports from S. Korea, China and Japan reached record high

According to preliminary government data, seen on Tuesday, India's finished-steel imports from China and South Korea, as well as Japan, reached a record in the first ten months of this financial year. India, which is the second largest crude steel producer in the world, reported that it was a net steel importer and shipped record amounts of finished steel between April and January. The data revealed that South Korea imported 2.4 million tons of finished steel, an increase of 11.7% over the previous year. South Korea was India's largest exporter of this alloy during that period. The total amount of...

Mineral Resources

Stocks of arms companies soar after the German parties' defense sea change

After reports that the next likely government in Germany was considering a major fiscal overhaul for Europe's largest economy, Europe's defense stocks surged on Monday. Shares of defence contractors such as Thyssenkrupp Hensoldt Renk Rheinmetall BAE Systems, Leonardo, and Hensoldt rose by double-digits percentages after news broke that the conservatives, who won the elections, and the Social Democrats, centre-left, were considering debt-financed infrastructure and defence funds worth under one trillion euros. No party has confirmed officially that a special defence fund worth 400 billion euro ($417 billion), and infrastructure funds worth up to 500 billion euro, which would total 20%...

Mineral Resources

European car sales fall in January, as combustion engine sales declines outweigh electric vehicle gains

Data from the industry showed that new car sales in Europe fell by 2.1% in January, as an increase in registrations of fully electric and hybrid electric cars in its major markets did not compensate for falling sales of petrol and diesel, according to Tuesday's data. The European Automobile Manufacturers Association's (ACEA) data showed that overall sales in France and Italy were down compared to last year. Only Spain recorded an increase year-on year among the top-selling nations. Why it's important After discussions with automakers and other interest groups, the EU executive will announce its plans for the auto sector...

Mineral Resources

Europe stocks continue record run on defence sector boost

The European share market reached a new high on Tuesday, as defence stocks rose on the prospect of higher military spending in the area. However, a Capgemini led drop in IT shares capped the gains. The STOXX 600 pan-European index rose by 0.2%, to a new record of 555.42. The aerospace and defense index jumped 1%. After European Commission President Ursula von der Leyen announced that the Commission would propose an exemption for defense spending from EU budget limits, the sector grew by 4.6% Monday. This is its largest one-day increase since Russia invaded Ukraine, in February 2022. Defense stocks...

Mineral Resources

The Eurozone industry shrinks faster in December than expected

The euro zone's industrial production declined more than expected in the month of December, showing that the two-year slump is still far from over, even though some figures on sentiment and orders have indicated a bottoming out. Eurostat data showed that the output of the 20 countries sharing the euro fell by 1.1% from December to the previous month. This was below expectations of a 0.6% decline, as Germany, the industrial powerhouse, shrank by 2,9%, and Italy by 3,1%. The industry has been a drag for Europe since years, as high energy prices, weak Chinese demand, increased global competition and...