“Against the backdrop of high volatility and uncertainty in markets, Eni continues to secure crucial energy supplies to our economies, while at the same time advancing its decarbonization strategy. We plan to replace at least 50% of Russian gas flows this winter, leveraging on our broad and diversified reserve base, our long-standing relationships with producing countries and our growing presence in LNG. In the quarter we further enhanced our position in the gas supply chain via our exploration activities, the upstream acquisition of bp assets in Algeria and, on the midstream side, the purchase of the Tango FLNG liquefaction vessel as part of the Congo gas valorization project.
Our decarbonization plans are reaching new milestones. By the end of the year our installed capacity of renewable energy in Plenitude will have doubled to more than 2 GW. Our Sustainable Mobility business is gaining momentum leveraging on an innovative model of vertical integration with our nascent agri-business to supply sustainable feedstock to our biorefineries. In E&P we have progressed our strategy of creating geographically focused vehicles that drive growth and returns, the latest being Azule, the newly established JV with bp to enhance our Angolan activities.
In the third quarter of 2022, despite a decline in crude oil prices and a rapid fall in refining margins, we have continued to deliver positive results, mainly thanks to the robust performance of our international businesses.
In the first nine months of 2022, we entirely covered our capex and cash return to shareholders and we were able to reduce our leverage to 0.11, around half the level of the end of last year.”