Feb 04 - Mr. Vittorio Mincato, Chief Executive Officer of Eni, presents the 2004-2007 Strategic Plan

Source Press Release
Company ENI S.p.A. 
Tags Strategy - Corporate
Date February 27, 2004

Mr.Vittorio Mincato, Chief Executive Officer of Eni, presented the 2004-2007 Strategic Plan to the financial community convened in London. 
 This is an ambitious plan that confirms the core business development strategy both for the production targets and the growth abroad in the gas business and the oil products marketing.  
 Eni’s main strategic objectives for the plan period are:

Exploration & Production - strong organic production growth

In 2003 production was up 6.1% versus 2002, with a daily average production level of 1 million 637 thousand barrels of oil equivalent in the fourth quarter of 2003.

The new strategic plan sets a production target, net of portfolio rationalization, of 1 million 900 thousand barrels of oil equivalent per day by 2007.

This new production target will enable Eni to achieve an organic growth rate of 5% in 2004-2007 on an annual average base, one of the highest in the sector.

 Gas and Power - further expansion in Europe and in the Italian power market

Natural gas sales on foreign markets reached around 28 billion cubic meters in 2003, 40% up versus 2002. 
 The process of expansion in European natural gas markets continues. Eni confirms the target of selling abroad 44 billion cubic metres of natural gas in 2007.

Eni is developing also its power generation capacity in Italy. The target for 2007 is set at around 6 GW of installed capacity. In 2003, Eni has been the first operator to start new power plants in Italy.

 Further targets

The ongoing cost cutting programme reached 2.3 billion euro in 1999-2003, exceeding by 15% the 1999-2003 Plan target set at 2 billion euro. This result is in line with the 3.4 billion euro target set for the 1999-2006 period. For the coming years, Eni will enhance its efforts in order to further improve its capital efficiency by concentrating on unit costs reduction and the efficient allocation of investments in all operating divisions.

The Board of Directors will propose a dividend of 0.75 euro per share for 2003 to the next General Shareholders’ Meeting. This dividend is considered sustainable for the Plan period.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd