Downstream oil in brief: are Italian forecourts an opportunity or risk for Eni?

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15 November 2019

Downstream oil in brief: are Italian forecourts an opportunity or risk for Eni?

Report summary

In recent years, Italian integrated oil and gas company Eni has been high-grading its retail network across Europe. To achieve this, it has exited non-core markets and divested its poorest-performing sites. These efforts have had some positive effects on performance with both fuel and non-fuel sales per site increasing. Despite these marginal gains, Eni continues to have the smallest, and worst-performing, retail network amongst the oil majors. Given this, it stands to question whether its retail business can continue to support its refining system in the face of a declining outlook for transport fuels across Europe. This is only made more apparent as the sector is disrupted by alternative fuels which could render a large number of forecourts unprofitable without diversification.

Table of contents

  • What are the risks associated with overexposure to the Italian market?
  • How can Eni remain competitive in the face of a declining retail fuel outlook?
  • What other downstream strategies are there to support its refining business?
  • Conclusion
  • Brent FCC margins strengthened as gasoline cracks rebound – stocks tighten on slow re-supply and high U.S. and WAF export demand
  • The average diesel pump price premium decreases for the fourth consecutive month

Tables and charts

This report includes 12 images and tables including:

  • People per service station for the six largest EU nations (by population)
  • EG Group non-fuel revenue per site
  • ExxonMobil's European branded retail sites
  • NWE refining margins
  • NWE gasoline/gasoil crack spreads
  • MED refining margins
  • Med gasoline/gasoil crack spreads
  • Gross marketing margins October 2019
  • Ireland gasoline gross marketing margins
  • Estonia gasoline gross marketing margins
  • Ireland diesel gross marketing margins
  • Estonia diesel gross marketing margins

What's included

This report contains:

  • Document

    Refining Margins.xls

    XLS 332.00 KB

  • Document

    Downstream oil in brief: are Italian forecourts an opportunity or risk for Eni?

    PDF 1.14 MB

  • Document

    Downstream oil in brief: is Italian retail an opportunity or risk for Eni?

    ZIP 1.17 MB