Oil giant Eni to replace Russian oil with alternative sources
The EU is looking for ways to limit the effect of the rise of gas prices on electricity prices, and Italian oil giant Eni says it will replace Russian oil through the international market.
The EU Commission President Ursula von der Leyen confirmed Friday that the European Commission will present by the end of March options on how to limit the impact of rising gas prices on the cost of electricity in the EU.
"By the end of this month, the commission will present options to limit the effect of the rise of gas prices to electricity prices," she said at a press conference.
Eni to replace Russian oil with alternative sources
Earlier, Italian oil giant Eni announced its plans to stop making new oil supply contracts with Russia and replace Russian oil through the international market.
"Eni has halted the conclusion of new contracts for the supply of crude oil from Russia. Supply contracts finalized before the current crisis remain in place," it indicated in a statement.
The company pointed out that it is "carrying out commercial and logistical assessments on a load-by-load basis. In 2021, only 18% of the crude oils processed by Eni were of Russian origin."
The oil giant revealed its plans "to replace these quantities by sourcing from the international market," it emphasized in Friday's statement.
"Eni intends to sell its stake in the Blue Stream pipeline, currently held on a joint and equal basis with Gazprom. Blue Stream connects Russia to Turkey via the Black Sea," the statement highlighted.
5 to 10 years to match Russia's daily oil production
The Italian company's decision comes as British Foreign Minister Liz Truss on Wednesday called on the entire G7 to ban Russian oil imports, copying America's step when President Joe Biden took the decision to ban the oil imports from Russia into the country.
In this regard, former Texas industry regulator Ryan Sitton said the world community would require five to 10 years to match Russia's daily production of millions of barrels of oil, according to Sputnik.
On Tuesday, Biden issued a US-only ban on Russian oil imports, further isolating a country that provides 10% of global supply on its own.
According to the Energy Information Administration (EIA), Russian oil made just a small percentage of US imports last year, but the change sent crude and gas prices soaring to new highs.