Eni to invest €2.5bn in UK’s energy sector

The oil and gas producer has said it will boost carbon capture and renewable energy projects

Eni has unveiled plans to pour billions into energy projects across the UK.

The oil and gas giant told The Financial Times it planned to invest at least €2.5 billion (£2.1bn) over the next four years.

An Eni’s spokesperson said 80% of this investment would be spent on energy transition projects, including carbon capture and renewable energy projects while 20% will be invested in the upstream sector.

In the meantime, calls for a potential windfall tax on profits of oil and gas companies are mounting.

On Friday, the Conservative MP for Harlow said it was not ‘unconservative’ to do a windfall tax.

The government had previously said that “no options are off the table”.

In response to a possible windfall tax, Eni said: “In line with Offshore Energies UK, we believe that it would be best to ensure energy companies speed up investments in the energy transition rather than imposing a windfall tax which might have the effect of slowing down future investments.”

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