Eni Confirms €2 Billion Plan to Reshape Italy Chemicals Unit [Financial Post (Toronto, Ontario, Canada)]
ENI S.p.A. (E)
US:NYSE Investor Relations:
eni.com/en_it/investors.page
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Eni SpA will invest about €2 billion ($2.2 billion) over five years to relaunch its aging chemicals business in Italy. With the plan, the oil and gas major aims to significantly reduce the exposure of its unit Versalis to the basic chemicals sector, which is facing “structural and irreversible decline in Europe”, according to a company statement on Thursday. Activity at Versalis's cracking plants in Puglia and Sicily, and the polyethylene plant in Sicily, will be phased out, Eni said. The announcement confirms an earlier report by Bloomberg. The move comes as Europe's chemicals industry faces a pivotal moment amid high energy costs and competition from Asia. Saudi Arabia's SABIC decommissioned a naphtha cracking facility in the Netherlands this year while Exxon Mobil Corp. is closing chemicals operations in France. LyondellBasell in May announced a review of some Europe
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