eni trading & shipping

Transcription

1 eni trading & shipping 2011

2 eni trading & shipping is the integrated arm of eni in the global commodity markets. company overview eni trading & shipping (ets) is the dedicated commodity trading arm of eni. It provides service to eni s business units and is a partner of choice with external counterparties. ets operates as eni s unique interface on the market to ensure an integrated global view. ets supports eni s businesses by trading crudes, refined products, natural gas, power and environmental products, leveraging eni s existing strengths and networks. It contributes to optimise eni s asset portfolio thanks to global reach, bringing synergies to the organisation, and by designing advanced risk management solutions. ets was born in 2007 as an independent legal entity (100% owned by eni) with the aim of creating a centre of excellence for trading crudes and refined products, integrating the know-how matured in the downstream and upstream divisions within eni. In November 2010, as markets are becoming more interrelated, liquid and volatile, eni announced the integration of its gas, power and emissions trading activities into ets. Therefore allowing ets to leverage eni s unique position as a leading gas player in Europe and creating a single centre for trading and commodities risk management. 3

3 products & services The integration of gas, power and emissions provides ets with a boost to develop a view on the market contributing to the optimisation of eni s assets and supporting strategic decisions. In detail ets: commercialises eni s entire crude oil and condensates production; trades a wide range of crudes, fuels and other petrochemical/refined products based on eni s downstream production and contracts with third parties; trades gas and power for the entire group; is entering the business of emissions trading in order to seize the opportunities arising from eni s portfolio and the regulatory framework. In addition, ets is responsible for providing shipping services to eni s divisions managing more than 2700 voyages per year globally - both to internal and to external clients cutting edge vetting services. ets values the importance of risk management and through the know-how developed internally by the parent company manages risk exposure and price, executing more than 2 M boe/day derivatives. To achieve this, ets can count on a team of almost 400 people based in 7 locations around the world (London, Brussels, Amsterdam, Rome, Milan, Houston and Singapore) ensuring a global reach in all European markets as well as in the USA, Africa and Asia 24h/day. The people of ets work hard to catch all market opportunities assuring, reliability, speed and flexibility with the aim to satisfy internal and external clients. crude oils & refined products The trading of crude oils and products in the international markets is the original activity of ets from its start up in ets is responsible for the commercialization of eni s production of crude oils and condensates worldwide. ets leverages the knowledge of eni s upstream and downstream divisions, and the privileged relationships eni has developed with National Oil Companies, producers and other oil majors, as well as trading companies and refiners. active in 79 countries production in more than 20 countries, with a strong position in North-Africa, the Caspian Region, West Africa, the North Sea, the Americas and the Far East ets carefully analyses the trends that drive the energy commodity markets, thereby identifying opportunities and positioning itself as a reliable and efficient partner. Part of the crude equity production is destined to eni s refinery system in Italy and abroad, whilst the rest is sold on the international markets to third parties counting on the reliable and efficient services ets provides. eni s equity production marketed by ets is 500 K bbl/day traded 60 M tons (+1,2 M bbl/day) of crude oil in

4 equity crude oils Mediterranean Saharan Blend, Bouri, BuAttifel, Mellitah Blend, Zarzaitine, Belayim, CPC Blend. North Sea Ekofisk, Brent, Flotta, Forties, Liverpool Bay, Asgard, Heidrun, Norne. Rest of the World Bashra Light, BRC Condensate, Badak, Wollybutt, Oriente, Mars, Poseidon, SLI, HLS. West and North Africa Bonny Light, Brass River, Bonga, Forcados, Ea Blend, Okono, Abo, Oyo, Nemba, Cabinda, Palanca, Mondo, Saxi-Batuque, Hungo Blend, Kissanje, Kuito Blend, Djeno Melange, Nkossa Blend. traded 13 M tons (300 K bbl/day) of products, of which 8 M tons (150 K bbl/day) to third parties in 2010 ets manages the international trading of the wide feedstocks and refined products coming from eni s industrial system. It also supplies eni s downstream system with crude oils, feedstocks and refined products. Thanks to eni s downstream assets, ets is one of the most relevant players in trading gasoil in the Mediterranean area. From its front office desks in London, Houston, Amsterdam and Singapore, ets is on the market 24 h/day. gas, power & emissions The gas and power market scenario has changed dramatically in recent years. Increased market volatility and liquidity, and the strong interrelations amongst energy commodities require more sophisticated trading and faster trading decisions in order to create value and manage market risk. This has led eni to integrate all the group s trading activities regarding gas, power and emissions under ets. Based on a combination of assets and the trading capabilities of the eni and distrigas teams, ets is positioned as a key counterparty across European and global gas markets. In addition, thanks to eni s asset presence in Italy, ets is positioned as a strong power player. traded 50 bcm of gas in 2010 ets gas, power and emissions front office can leverage eni s unique position as the first gas operator in Europe (more than 20% market share) and a truly real integrated player in oil, gas and power. Thanks to the eni s leading position, ets can count on an in depth knowledge of the physical markets and transportation. ets delivers value for its clients via: asset trading; energy pricing, structuring and execution; proprietary strategies. These competences allow ets to secure eni s revenues, maximise asset value and develop unique commercial offers. ets is active on all European hubs, border points (flanges), upstream locations, in-store transfer points and delivers gas to UK industrial and commercial customers. As from since the incorporation of gas and power trading activities, ets is now developing the new business of emissions trading according to the opportunities arising from eni s portfolio and the regulatory framework: eni s full portfolio of industrial activities to be managed under the EU Emissions Trading Scheme (power plants, petrochemical complexes, refineries, e&p installations) can offer a wide range of solutions: EUA/CER/ERU; green certificates; white certificates. 6 7

5 400 people, more than 20 nationalities, wide professional background. people shipping ets provides the logistics to move eni s and third parties crude oils, feedstock, other refined products and gas, globally. The ets shipping fleet includes 37 time charters that ensure availability and reliability to match business needs. eni values safety and the environment, and the shipping team ensures that our ships are always less than 15 years old and fully compliant to high level standards. vetting ets policy and commitment is to monitor the quality of the vessels and their Technical Operators by direct inspections in order to ensure respect for all safety and environmental codes. With this aim, the Vetting Team of ets provides best in class screening and clearance activities to vessels used for group or third parties transportation. This activity began in the mid 90 s and since then a sophisticated IT support system has been developed to meet the highest standards required by the industry and to optimize the overall process. ets participates to OCIMF SIRE system, and its vetting activity complies with their principles. the REACH regulation registration, evaluation, authorization and restriction of chemicals The European Union (EU) has instituted the REACH (CE n. 1907/2006), an integrated system of registration, evaluation, authorization and restriction of chemical substances, and has instituted a European agency for these products. The REACH System requires the companies that manufacture and import chemical substances to evaluate the risks arising out of their use and to take the necessary measures to manage any risk that is identified. The burden of proof in terms of safety of the chemical substance that are manufactured or marketed falls on the industry. ets, as an eni company, is compliant with the REACH requirements. ets can count on a team of 400 people based in 7 locations around the world (London, Brussels, Amsterdam, Rome, Milan, Houston and Singapore) ensuring an extensive presence in all European markets as well as in the USA, Africa and Asia. ets teams are staffed with highly talented and motivated people: ensuring a deep knowledge of the energy commodity and financial markets; leveraging previous and extensive experience within the eni group; accessing to a wide diversity both in terms of culture, gender and professional background; relying on passion, drive, excellence orientation; guaranteeing reliability, speed and flexibility in delivering results. Teamwork and a customer oriented approach are common to all ets people. All these are summarised in our business principles that drive ets people during their day to day activities. 8 9

6 ets business principles global presence - 7 locations worldwide Houston London Headquarters Amsterdam we strive to achieve trading and business excellence. Loss of profit due to inefficiency is unacceptable. We act decisively to achieve excellence through hard work with an open minded approach. Even if we are in a hurry, we take our time Lamar St., suite 500 Houston Texas USA T Buckingham Palace Road London, SW1W 9SL T +44 (0) Strawinskylaan Tower C/ XX Amsterdam The Netherlands Commercial Register: Amsterdam, nr T +31 (0) we value creativity and imagination. We commit to bring out our entrepreneurial spirit in trading. We challenge and stretch ourselves. We know that the usual way of doing business may be the best way, but we still try to find better and different solutions. In challenges we seek opportunities. we know that without very talented people we cannot achieve top performance. Advancement depends on merit. We promote mobility and rotation for the top performers as a long term development opportunity and investment in our people. we believe that everyone s success is greater and longer lasting than any individual success. Individual contribution is always encouraged, however working as a team produces the best sustainable results. We actively motivate, engage and create passion throughout ets. We value diversity as a source of richness. integrity, transparency and social responsibility are at the core of our activities. Brussels Rome - Milan Singapore we are always fully compliant with the law and with eni s rules and regulations. We are committed to achieving best practice in the application of eni rules and regulations, in particular those relating to the ethical code, anti bribery, anti trust, HSE. we enhance and protect our reputation with our behaviours in the market every day. Our behaviours define us and we lead by example. Our reputation consists of perceptions formed by others, in eni and in the market. Reputation is a relational construct which we must influence positively. Belgian Branch Guimardstraat 1A/Rue Guimard BE-1040 Brussel/Bruxelles T +32 (0) T +31 (0) Piazzale Enrico Mattei, Rome T +39 (0) Piazza Ezio Vanoni, San Donato Milanese (MI) T +39 (0) gas, power & emissions trading Singapore Branch 391A Orchard Road # Ngee Ann City Tower A Singapore T crude oils & products trading 10 11

7 eni is a major integrated energy company, committed to growth in the activities of finding, producing, transporting, transforming and marketing oil and gas. The company has global operations in 79 countries and employs about 80 thousand people. It has adopted a model of Sustainability focused on the enhancement and security of its employees and of the communities it works with, on environmental protection, on technological innovation and research, on fighting climate change and on energy efficiency. Companies listed on the Stock Exchanges are periodically screened to become part of Sustainability Indexes that comprise of companies with good environmental, social and governance performances. In 2010, eni s shares have been included for the fourth consecutive year in the FTSE4Good and Dow Jones Sustainability World indexes and for the third year in a row, in the Dow Jones Sustainability Europe Index. In 2010 eni s shares have also been included in the new Carbon Performance Leadership Index. Since 2010, eni has been relying its communication to young talents from all over the world in various disciplines. The cover features a work by Amy Bear, a young multimedia textile designer, graduated at Loughborough University. eni s activities eni s activities comprise five businesses: exploration & production, gas & power, refining & marketing, engineering & construction and petrochemicals. exploration & production eni explores, develops and produces oil and natural gas in Italy, North and West Africa, the North Sea, the United States, Latin America, Australia and in high potential areas such as the Caspian Sea, the Middle and Far East, India and Russia. In 2010 hydrocarbon production averaged the level of million boe/day, up 1.1% over 2009 on a comparable basis. Proved hydrocarbon reserves at December 31, 2010 totalled 6.84 billion boe. gas & power eni operates in the supply, transport, regasification, storage, distribution and marketing of natural gas in Italy and abroad and in power generation and electricity sales. In 2010 overall sales amounted to billion cubic meters of natural gas and terawatthours of electricity. eni operates in refining and marketing of petroleum products mainly in Italy and Europe. With the eni/agip brand, it is the Italian market leader in the distribution sector. In 2010 overall sales totalled million tons of refined products. In the same period, refining throughputs were million tons. engineering & construction saipem (42.9% owned by eni) is a leader in the provision of engineering, procurement, project management and construction services for the oil & gas industry, with unique capabilities in designing and executing large scale offshore and onshore projects. saipem has extensive expertise in operating in conventional and deep offshore as well as in remote areas. Order backlog was 20,505 million at December 31, petrochemicals polimeri europa (eni 100%) produces and sells a vast portfolio of petrochemical products. It holds major market shares in Europe, where it boasts plants equipped with innovative technologies and an efficient, worldwide capillary distribution network. In 2010 the production of petrochemical products amounted to 7.2 million tons. refining & marketing eni spa Piazzale Enrico Mattei, Rome - Italy Ph.: Fax: eni.com