Eni seeks to use the energy transition to create long-term value for all its stakeholders.
For the last five years, we have pursued a transformation strategy that has strengthened our business model through a drastic reduction in debt, increased production, and finding new ways to differentiate our company – including through the circular economy. We have built a new Eni that is founded on efficiency, integration and new technologies, as we pursue the strategic priority of decarbonization. We recognise that the energy sector's biggest challenge is balancing maximum access to energy with the fight against climate change. That is why we have changed our energy mix, allowing us to reduce our carbon footprint. We have adopted a business model that is driven by digitalisation and based on three pillars:
We are committed to minimising environmental risks, promoting people, health and safety, protecting the environment, and championing local development in our host countries. We make this possible by facilitating access to energy and promoting a range of initiatives for communities. Our Dual Flag approach is based on working with local bodies, cooperation agencies and stakeholders. This is the only way we can identify what needs to be done to meet people's needs, in keeping with national development plans and the UN's Sustainable Development Goals.
Eni carries out oil and gas exploration and production activities in over 40 countries. The business's strategic aim is organic production growth, drawing on a geographically diversified asset portfolio, inter-project synergies and strong relationships with producing countries. Eni is engaged in all stages of the gas value chain: the supply, trade and sale of gas and electricity, gas infrastructure, and the supply and sale of LNG. We also produce and sell fuels and other petroleum products, mostly in Italy, and chemical products from renewable sources. We are committed to developing the renewable energy business, as well as carrying out environmental reclamation and rehabilitation projects and securing disused industrial sites, as we did with the Conti Vecchi saltworks in Sardinia.
One of the key points of our company strategy for 2022 is decarbonization. We promote synergies with other business lines, scientific research and technology to guarantee long-term sustainability and success for our businesses. As far back as 2015, we created the Energy Solutions division for developing renewable energy sources. Thanks to a distinctive model that allows us to replace the gas consumed by our assets with solar or wind energy, we can now exploit industrial, logistical, contractual and commercial synergies. This means we can carry on creating long-term value for stakeholders, the company and society. We have also long been developing projects that are not connected to our assets but will allow us to distribute green energy through the national grids of the countries where we operate. In the Downstream sector, too, Eni has combined biofuel production with our traditional business, converting the traditional refineries at Porto Marghera and Gela into biorefineries and supplementing traditional chemical products with a range of ones from renewable sources.