RIYADH: Italian power and gas firm, Enel SpA, plans to exit its Russian operations in the months to come.
“We are in the process of selling thermal generation, this is a process we had [some] time ago. With regret, I think we have to fold,” Bloomberg reported, citing Chief Executive Officer Francesco Starace.
This comes as a result of the prolonged war between Russia and Ukraine.
Enel will reduce its exposure to Russian without fully exiting just yet, Starace disclosed.
Global energy giants such as British multinational oil and gas company BP Plc, British publicly traded oil and gas firm Shell Plc, and Italian multinational oil and gas company Eni SpA have also announced that they intend to exit their investments in Russia as the war lingers.
