The winner is
Congratulations to ENI
Europe is going through difficult times, yet one energy company has managed to stand out: ENI.
ENI’s journey has never been—and still isn’t—a walk in the park. In recent weeks, I’ve spoken with many Italians about the company, and here’s a summary of what I’ve heard.
A lot of Italians dislike ENI, often quite strongly, and much of that sentiment seems tied to politics.
Many believe ENI is essentially useless—nothing more than a free-rider. Because Italy lacks its own energy resources, they argue that ENI doesn’t actually solve problems; it simply acts as a middleman taking hefty commissions on energy deals.
There’s also a widespread perception that ENI behaves with a colonial attitude, especially in Africa. People point to alleged involvement in bribery and corruption cases—claims that even ChatGPT, they say, wouldn’t deny. (ENI major corruption cases, scandals and related legal and criminal controversies)
Some Italians argue that energy resources should be imported directly by ENEL, the national electricity company, rather than funneled through what they see as a greedy capitalist monster with no real purpose.
My conclusion? Much of this criticism comes from a left-leaning, socialist narrative—anger directed at what ENI represents: an unapologetic capitalist powerhouse.
I take a more pragmatic view. Sometimes, you need someone willing to do the “dirty work” to keep electricity affordable at home. Sometimes, you need a player who engages in oil and gas extraction, negotiates tough deals, and sits at tables where power dynamics decide outcomes.
Look at the energy chaos triggered by European Greens who demonized both fossil fuels and nuclear power. Where exactly do they expect Europe’s energy to come from? Wind and solar alone? That’s ideological dogma—and dogma rarely stands up to reality.
In this context, having a player like ENI is beneficial for both Italy and Europe. It brings a strong, strategic actor to the table—someone capable of defending European and Italian interests at a time when the continent is losing ground.
Because, let’s be honest: Europe is struggling. Some of our political institutions are trapped in rigid frameworks like the Green Deal. The European Union, which was supposed to strengthen us, has in some ways weakened us—removing healthy competition between Member States and imposing slow, inefficient decision-making processes.
Europe is losing ground. Yet ENI continues to win—and that sends a powerful signal.
ENI has simply outperformed its peers in the oil and chemical sectors.
‘Well deserved, ENI.
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