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Eni’s Var Energi Plans IPO in Bet on Strong Future for Gas

  • Decision follows strategic review announced last year
  • Offering will consist of sale of stock by Eni and HitecVision
Updated on

Eni SpA’s Norwegian joint venture, Var Energi AS, will apply for an initial public offering in Oslo on a bet there’s still investor demand for shares in oil and gas companies in Europe. 

The company is considering seeking a valuation of about $10 billion in the listing, people familiar with the plan said, cautioning the target may change depending on investor feedback. It comes after several proposed European oil and gas IPOs were paused in the past two years as the pandemic roiled markets, while growing environmental concerns also weakened investor interest. But confidence has gained as recovering energy demand buoys prices.