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Investments | 12 Months Ended
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Dec. 31, 2023
Investments |
Investments | 16 Investments Equity-accounted investments
| 2023 |  |  | 2022 |
| Investments in unconsolidated entities controlled by Eni |  |  | Joint ventures |  |  | Associates |  |  | Total |  |  | Investments in unconsolidated entities controlled by Eni |  |  | Joint ventures |  |  | Associates |  |  | Total |
Carrying amount - beginning of the year | 50 |  |  | 7,065 |  |  | 4,977 |  |  | 12,092 |  |  | 44 |  |  | 2,057 |  |  | 3,786 |  |  | 5,887 |
Additions and subscriptions | 3 |  |  | 1,024 |  |  | 186 |  |  | 1,213 |  |  | 21 |  |  | 900 |  |  | 686 |  |  | 1,607 |
Divestments and reimbursements |  |  |  |  |  |  |  |  |  |  |  |  | (2 | ) |  | (1 | ) |  | (477 | ) |  | (480 | )
Share of profit of equity-accounted investments | 4 |  |  | 818 |  |  | 800 |  |  | 1,622 |  |  | 5 |  |  | 474 |  |  | 1,684 |  |  | 2,163 |
Share of loss of equity-accounted investments | (3 | ) |  | (149 | ) |  | (129 | ) |  | (281 | ) |  | (6 | ) |  | (197 | ) |  | (82 | ) |  | (285 | )
Deduction for dividends | (1 | ) |  | (939 | ) |  | (1,060 | ) |  | (2,000 | ) |  | (3 | ) |  | (483 | ) |  | (708 | ) |  | (1,194 | )
Changes in the scope of consolidation | 3 |  |  | 13 |  |  | (227 | ) |  | (211 | ) |  | 5 |  |  | (710 | ) |  | (1,122 | ) |  | (1,827 | )
Currency translation differences | (2 | ) |  | (244 | ) |  | (166 | ) |  | (412 | ) |  | 2 |  |  | (231 | ) |  | 230 |  |  | 1 |
Other changes | (1 | ) |  | 662 |  |  | (54 | ) |  | 607 |  |  | (16 | ) |  | 5,256 |  |  | 980 |  |  | 6,220 |
Carrying amount - end of the year | 53 |  |  | 8,250 |  |  | 4,327 |  |  | 12,630 |  |  | 50 |  |  | 7,065 |  |  | 4,977 |  |  | 12,092 |
Acquisitions and share capital increases mainly related: (i) for €882 million to the acquisition from PBF Energy Inc of 50% of the capital of St. Bernard Renewables Llc, an operating biorefinery at Chalmette hub in Louisiana (United States of America), whose production started in the second half of the 2023. The price allocation to the net assets acquired was carried out on a provisional basis, with the recognition of goodwill of €45 million; (ii) for €154 million to the capital subscription of QatarEnergy LNG NFE (5) (former Qatar Liquefied Gas Company Limited (9)) (Eni's interest 25%), a company participating in the North Field East (NFE) project with a 12.5% interest, equal to an Eni’s interest of 3.125% in the giant project for the development of the country's LNG; (iii) for €42 million to the subscription of the capital increase of Vårgrønn AS, the joint venture (Eni’s interest 65%) which owns the 20% stake in the Doggerbank A, B and C offshore wind projects in the United Kingdom. Share of profit from equity-accounted investments essentially refe r r ed to: (i) Azule Energy Holdings Ltd for €653 mi l lion; (ii) Vår Energi ASA for €356 mil l ion; (iii) Abu Dhabi Oil Refining Company (TAKREER) for €296 mi l lion; (iv) ADNOC Global Trading Ltd for €120 mi l lion; (v) Saipem SpA for €56 mil l ion; (vi) SeaCorridor Srl for €49 mi l lion; (vii) Mozambique Rovuma Venture SpA for €47 mi l lion. Share of loss from equity-accounted investments essentially refe r r ed to: (i) Vårgrønn AS for €50 million; (ii) St. Bernard Renewables Llc for €42 million; (iii) Coral FLNG SA for €40 million. Reduction for dividends related to: (i) Azule Energy Holdings Ltd for €829 million; (ii) Vår Energi ASA for €640 million; (iii) Abu Dhabi Oil Refining Company (TAKREER) for €277 million; (iv) ADNOC Global Trading Ltd for €129 million; (v) SeaCorridor Srl for €95 million. Change s in the scope of consolidation referred for €227 million to the acquisition of the control of Novamont Business combinations are commented in note 5 - Business combinations and other significant transactions. Other changes i ncluded the initial recognition of the joint venture SeaCorridor Srl (Eni's interest 50.1%) for €580 million, €414 million higher than the book value of the corresponding company share maintained, following the business combination which involved the sale to Snam of 49.9% interest of the Eni’s companies operating natural gas transportation from Algeria through the TTPC and TMPC pipelines. Net carrying amount s related to the following companies:
| December 31, 2023 |  |  | December 31, 2022 |
(€ million) | Net carrying amount |  |  | % of the investment |  |  | Net carrying amount |  |  | % of the investment |
Investments in unconsolidated entities controlled by Eni |  |  |  |  |  |  |  |  |  |  |
Other | 53 |  |  |  |  |  | 50 |  |  |  |
| 53 |  |  |  |  |  | 50 |  |  |  |
Joint ventures |  |  |  |  |  |  |  |  |  |  |
Azule Energy Holdings Ltd | 4,750 |  |  | 50.00 |  |  | 5,073 |  |  | 50.00 |
St. Bernard Renewables Llc | 829 |  |  | 50.00 |  |  |  |  |  |  |
Saipem SpA | 722 |  |  | 31.20 |  |  | 645 |  |  | 31.20 |
SeaCorridor Srl | 530 |  |  | 50.10 |  |  |  |  |  |  |
Cardón IV SA | 443 |  |  | 50.00 |  |  | 433 |  |  | 50.00 |
Mozambique Rovuma Venture SpA | 343 |  |  | 35.71 |  |  | 308 |  |  | 35.71 |
Vårgrønn AS | 336 |  |  | 65.00 |  |  | 370 |  |  | 65.00 |
GreenIT SpA | 92 |  |  | 51.00 |  |  | 74 |  |  | 51.00 |
Lotte Versalis Elastomers Co Ltd | 43 |  |  | 50.00 |  |  | 41 |  |  | 50.00 |
Hergo Renewables SpA | 32 |  |  | 65.00 |  |  | 33 |  |  | 65.00 |
LabAnalysis Environmental Scienze Srl | 25 |  |  | 30.00 |  |  |  |  |  |  |
Società Oleodotti Meridionali - SOM SpA | 21 |  |  | 70.00 |  |  | 29 |  |  | 70.00 |
Other | 84 |  |  |  |  |  | 59 |  |  |  |
| 8,250 |  |  |  |  |  | 7,065 |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |
Abu Dhabi Oil Refining Company (Takreer) | 2,434 |  |  | 20.00 |  |  | 2,497 |  |  | 20.00 |
Vår Energi ASA | 447 |  |  | 63.04 |  |  | 763 |  |  | 63.08 |
QatarEnergy LNG NFE (5) | 439 |  |  | 25.00 |  |  | 302 |  |  | 25.00 |
Coral FLNG SA | 239 |  |  | 25.00 |  |  | 330 |  |  | 25.00 |
ADNOC Global Trading Ltd | 145 |  |  | 20.00 |  |  | 158 |  |  | 20.00 |
United Gas Derivatives Co | 81 |  |  | 33.33 |  |  | 72 |  |  | 33.33 |
Novis Renewables Holdings Llc | 70 |  |  | 49.00 |  |  | 74 |  |  | 49.00 |
Bluebell Solar Class A Holdings II Llc | 70 |  |  | 99.00 |  |  | 73 |  |  | 99.00 |
Novamont SpA |  |  |  |  |  |  | 255 |  |  | 35.00 |
Altre | 402 |  |  |  |  |  | 453 |  |  |  |
| 4,327 |  |  |  |  |  | 4,977 |  |  |  |
| 12,630 |  |  |  |  |  | 12,092 |  |  |  |
The results of equity-accounted investments by segment are disclosed in note 35 – Segment information and information by geographical area. As of December 31, 202 3, the book and market values of Saipem SpA and Vår Energi ASA, equity-accounted companies listed on the Italian and the Norwegian stock exchange, respectively, were as follows:
| Saipem SpA |  |  | Vår Energi ASA |
Number of shares held | 662,476,192 |  |  | 1,573,713,749 |
% of the investment | 31.20 |  |  | 63.04 |
Share price (€) | 1.47000 |  |  | 2.86287 |
Market value (€ million) | 915 |  |  | 4,505 |
Book value (€ million) | 722 |  |  | 447 |
At December 31, 202 3, the market capitalization of Saipem shares exceeded the book value of the investment by €193 million, the carrying amount is in line with the corresponding fraction of the investee's book equity, less the fraction of the investee net assets corresponding to the equity component of a convertible bond. At December 31, 202 3, the market capitalization of the Vår Energi ASA share for Eni's stake wa s €4,058 million higher than the book value of the investment. Additional information is included in note 37 – Other information about investments. Other investments
(€ million) | 2023 |  |  | 2022 |
Carrying amount - beginning of the year | 1,202 |  |  | 1,294 |
Additions and subscriptions | 102 |  |  | 68 |
Change in the fair value with effect to OCI | 45 |  |  | 56 |
Currency translation differences | (28 | ) |  | 42 |
Other changes | (65 | ) |  | (258 | )
Carrying amount - end of the year | 1,256 |  |  | 1,202 |
The fair value of the main non-controlling interests in non-listed investees on regulated markets, classified within level 3 of the fair value hierarchy, was estimated based on a methodology that combines future expected earnings and the sum-of-the-parts methodology (so-called residual income approach) and takes into account, inter alia, the following inputs: (i) expected net profits, as a gauge of the future profitability of the investees, derived from the business plans, but adjusted, where appropriate, to include the assumptions that market participants would incorporate; (ii) the cost of capital, adjusted to include the risk premium of the specific country in which each investee operates. A stress test based on a 1% change in the cost of capital considered in the valuation did not produce significant changes at the fair value valuation. Dividend income from these investments is disclosed in note 3 2 – Income (expense) from investments. The investment book value as of December 31, 202 3 primarily related to Nigeria LNG Ltd for €642 million (€668 million at December 31, 202 2), Saudi European Petrochemical Co “IBN ZAHR” for €121 million (€108 million at December 31, 202 2) and Darwin LNG Pty Ltd for €78 mi l lion (€71 mi l lion at December 31, 2022).

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