Eni Is Nearing a €2 Billion Plan to Reshape Its Italian Chemicals Business [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
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Eni SpA is set to spend about €2 billion ($2.2 billion) to overhaul its aging Italy chemicals business, with a shift away from fossil fuel-based source products toward increasing use of decarbonized options. The Italian energy major will gradually phase out production of basic chemicals at its loss-making Versalis business and focus on renewable, circular and specialty chemicals made from non-fossil fuel materials, according to people familiar with the plan. 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 European assets. Eni's transformation project will likely last fiv
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