Outgoing Eni CEO Paolo Scaroni sees the volatile standoff between Western powers and Russia over the Kremlin’s actions in Ukraine as a new low point for European energy security. Italian oil and gas company Eni serves as a conduit for gas sourced from Gazprom and delivered to European customers, a position that could be jeopardized should western-imposed economic sanctions target energy businesses, which could call contract sanctity into question.
“This is by far the toughest time for European energy security that I have seen,” Mr. Scaroni told the New York Times. “This issue might stop the supply of Russian gas.”
And he went on to comment on the European Union’s fragmented energy policies that recently called for reduced renewable energy subsidies, while simultaneously seeking to reduce reliance on Russian gas supply – initiatives that smack of incongruence.
“The E.U. cannot have its cake and eat it, too,” he said. “I just tell them that you cannot keep on shouting and being inconsistent between what you say and what you do.” – Scaroni, New York Times