“Amid uncertainty and volatility in markets we moved fast to secure new energy supplies. After new gas agreements with our partners in Algeria, Congo and Egypt earlier in the year, in June Eni entered the North Field East venture in Qatar, part of the world’s largest LNG project. In East Africa, gas production started from the Eni’s operated Coral South FLNG, the first development of Mozambique’s large potential. In Italy, we have invested to rebuild gas storage ahead of winter and our refineries raised their processing rates significantly to ensure oil products are available for the market.
While maximizing our efforts on energy security, we continue to execute our decarbonisation strategy. In Plenitude the build-up of our renewable generation capacity progresses towards over 2 GW by year end; given market condition, the IPO has been postponed but remains our intention. Our Sustainable Mobility business will enhance the value of our biorefineries, vertically integrating with our innovative agri-business and portfolio of decarbonized solutions. Development of breakthrough technology is at our core and the construction of the magnetic fusion demonstration plant is well underway, aiming at producing net energy by 2025.
Financial delivery is underpinned by our continued efforts on efficiency and cost control. The Group adjusted EBIT for the quarter was €5.8 billion driven by E&P and R&M and adjusted net income was €3.8 billion. With an adjusted cash flow of €10.8 billion we are able to cover our organic capex of €3.4 billion, and our distribution policy for the full year. Based on these robust results and our updated market outlook, we are enhancing shareholders’ distribution by raising the 2022 share buyback to €2.4 billion.”