(Bloomberg) -- Italian oil and gas group Eni SpA is negotiating with banks on a €3 billion ($3.2 billion) revolving credit facility, a move that could give the company more flexibility in managing its cash needs to fund operations. 

The new credit line could be used to renew expiring debt facilities or to access more cash for operations as part of a regular liquidity management process, according to people familiar with the matter, who asked not to be named discussing confidential deliberations. 

A representative for Rome-based Eni declined to comment.

Eni has recently been active on the debt front, completing the sale of a €1 billion convertible bond earlier this month. The instrument, which provides both an income stream to investors and equity exposure, gathered strong demand from the market.

The energy company, one of the top five listed stocks on the Milan exchange in market value terms, joined a number of peers in reporting a drop in earnings for the second quarter while maintaining payouts to shareholders. 

Eni is targeting a listing for renewables and retail unit Plenitude next year after an original plan was put on hold after the Russian invasion of Ukraine and the concomitant hit to global energy markets.

The company has total financial debt of around €33.4 billion, which drops to €8.2 billion net of cash, receivables and financial assets, according to second-quarter results this year. 

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