Italians continue to make money on Russian gas for Turkey

Italian Eni continues to make money on Russian gas, despite the fact that Gazprom's supplies to Italy itself have almost stopped.

Last year Eni supplied gas from Russia to Turkey. It is reported by Reuters with reference to the documents of the Italian energy company.

"They confirm that the company is still engaged in Russian gas, despite the suspension of supplies to Europe," the agency writes.

It cites the company's written response to the shareholder's question before the annual general meeting of Eni shareholders that Algeria became the largest gas supplier for the group in 2024, followed by Norway and Russia.

"Russian gas accounted for 12% of Eni's total gas supplies, providing 6.2 billion cubic meters that were delivered to the Turkish market via the Blue Stream pipeline," Reuters continues with reference to the letter.

The agency noted that Eni disclosed in its annual report that it bought a certain amount of Russian gas last year, but did not specify the destination.

In 2022, Eni stopped the import of Russian gas in Europe and began arbitration proceedings with Gazprom.

Neither Eni nor Italy are indicated in the reports of the Turkish regulator.

Alexey Grivach, Deputy Director of FNEB, notes that Eni's deliveries of Russian gas to the Turkish market are related to the specifics of gas supplies through the Blue Stream gas pipeline, in which Eni has 50%. In 2022, the company promised to sell its stake in the project.

Eni reports that the Black Sea gas pipeline with a capacity of 16 billion cubic meters per year is only part of a joint venture to sell Russian gas on the Turkish market.