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