Italian energy group Eni will be able to provide additional gas resources to help reduce reliance on Russia following its invasion of Ukraine, the company said on Friday.

Setting out its strategy for 2022-2025, Eni also said it was picking up the pace on steps to reach its climate ambition to be carbon neutral by 2050.

“Our immediate response to the current crisis has been to leverage our established alliances with producing countries to find replacement energy sources for Europe’s energy needs,” Eni Chief Executive Claudio Descalzi said in a statement.

Eni is in a position to provide more than 14 trillion cubic feet of additional gas resources in the short to medium term, it said.

Eni, the biggest foreign oil and gas producer in Africa, also said that projects in which it is involved would be able to supply 15 million tonnes per year of liquefied natural gas by 2025.

The company also said it planned to create a sustainable mobility business combining biofuels and fuel stations.

It also plans to launch a 1.1 billion euro share buyback, following shareholder approval in May.

Source: Reuters (Reporting by Stephen Jewkes Writing by Keith Weir)