Eni's five-fold profit rise puts Puglia's energy future in focus

Eni, the Italian energy giant, reported a five-fold increase in second-quarter profits on Wednesday, becoming the latest oil major to benefit from surging crude prices driven by the conflict in the Middle East, according to The Local Italy.

The state-controlled company's results come as Italy grapples with its long-term energy strategy, caught between the immediate profitability of fossil fuels and the European Union's push for decarbonisation. Puglia, home to one of the country's largest oil refineries and a growing renewable energy sector, is closely watching Eni's investment plans.

The Taranto refinery, operated by an Eni subsidiary, directly employs roughly 1,500 workers and supports thousands more in logistics and services. Environmental groups have long called for its closure, citing air quality data that links the plant to elevated rates of respiratory illness in surrounding neighbourhoods. Eni has responded by investing in biomethane and hydrogen projects at the site, though these remain small relative to the refinery's core business.

The five-fold profit increase — from about €1.2 billion to €6 billion in the second quarter — underscores how energy companies have capitalised on volatility in global oil markets. The conflict in the Middle East, particularly disruption to Red Sea shipping routes, has pushed Brent crude above $90 per barrel. Eni joins other European majors such as Shell and TotalEnergies in reporting strong quarterly results.

At the same time, Eni has been expanding its renewable portfolio in Puglia. The company operates several solar parks in the provinces of Foggia and Bari and is developing offshore wind capacity in the Adriatic Sea. These projects align with Italy's National Energy and Climate Plan, which targets a 55% reduction in greenhouse gas emissions by 2030. The pace of deployment has been slow, held back by permitting delays and local opposition to large-scale installations on agricultural land.

For now, the profit surge gives Eni financial flexibility. Whether the company uses it to accelerate the transition or to reinforce its oil and gas business will shape the long-term future of Puglia's industrial landscape. The Italian government, as a major shareholder through Cassa Depositi e Prestiti, faces a similar choice: demand higher dividends for social spending or push for faster decarbonisation. Neither path is straightforward in a region where old industries still provide the bulk of stable employment.