The refining crisis is benefiting even Eni, which reported an adj. EBIT of €1.1bn in R&M and Chemicals against €-91m in Q1. For the rest, the story is well known, and higher oil prices continue to push the Upstream division, responsible for more than 80% of the group’s results. Market conditions are difficult right now but the management maintains the plan to IPO the renewable and distribution arm (Plenitude) at a later stage.
