Letter from London: Italian dealmaking contrasts with passive UK
Italy and the UK are taking different approaches to energy security following the invasion of Ukraine
Italian oil company Eni has been working closely with the government in Rome in recent weeks to try to diversify Italy’s gas supplies. By contrast, London has maintained its more traditional hands-off approach to UK gas supplies, even though domestic production is in decline and dependence on imports is growing. While Eni is not a national oil company as such, the Italian state retains a 30.33pc stake in the firm. And the government and the oil major appear closely aligned in their clear desire to secure alternative sources of gas. Italy’s dependence on Russian supply grew to more than 40pc last year, making the country—along with Germany—one of the most vulnerable to potential supply shocks
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised