Sources say that the Italian government is poised to support a new mandate for Eni CEO

Three sources said that Italy's prime minister Giorgia Meoni was ready to support Eni CEO Claudio Descalzi in a bid to secure a 'new three-year term' at the energy company. This would allow the executive to continue 'his reign' as the longest-serving leader of the company.

Descalzi is 70 years old and has been Eni's chief executive officer since 2014. He began his career as an expert in upstream exploration with extensive knowledge of Africa. One source said that the executive was available for another term.

Meloni’s administration will be in charge at Eni’s shareholder meeting, scheduled for early May. Investors are expected to vote on the new management team.

Eni's spokesman said: "These decisions are made by our shareholders and we don't comment on them."

The Prime Minister's Office was not available to comment.

TEAMING UP PARTNERS After assisting Rome in replacing Russian gas supplies as a?response? to Moscow's invasion into Ukraine,?Descalzi created low-carbon divisions within the oil and gas company and supervised their opening to investment firms such as U.S. firm KKR.

Eni has been able to pool the resources needed to build Enilive's biofuel venture, Plenitude's retail and renewable business and Eni’s carbon capture unit with global partners who have deep pockets.

Analysts said that the 52 billion euro group's top management will face a number of challenges in the coming years, including supporting growth at new units and ensuring the returns promised to investors are met.

Critics claim that despite creating low-carbon ventures?Eni is protecting its oil and natural gas business, and only investing a small portion of its money into renewables.

Matteo Leonardi said that a 'new term' for Eni CEO would be accompanied by a?commitment?to steer towards electrification and embrace technologies which could ensure Italy's competitiveness and independence.

The CEO should outline the actions that will be taken to protect their company from climate risks. Leonardi said that they should describe how the company plans to achieve net zero as part of its overall strategy, and make sure the investment plan is aligned with this goal.

(source: Reuters)