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.

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