Eni's (E) renegotiations over natural gas with its main suppliers may
result in operating gains of more than EUR500 million this year, says
Mediobanca.
The bank adds that the Gas & Power division is likely to close
the year at breakeven, following last week's conclusion of talks with Gazprom
(GAZP.RS), with a one-off gain for the division worth between EUR100 million
and EUR150 million, to be booked in 2Q and 3Q. Additionally, Mediobanca says
ongoing negotiations with Statoil (STO),
Libya
and
Gas Terra may lead to sizeable price cuts, given that the last time prices with
these parties were substantially discussed was in 2007.
Rating on Eni remains
at outperform with EUR22.20 target. Shares are 0.5% higher at EUR15.56.