Eni sets out ‘transformation, decarbonisation, relaunch’ plan for Versalis

San Donato Milanese, Italy – Eni has finalised a previously signalled transformation and relaunch plan for its Versalis chemicals & polymers business, the Italian energy & petrochemicals group announced 24 Oct.

Under a 2024-2027 strategic plan, Eni said it plans to invest about €2 billion in the business and reduce CO2 emissions by about 1 million tonnes – about 40% of Versalis' emissions in Italy.

The programme, it stated, includes “the set-up of new industrial plants consistent with the energy-transition and decarbonisation of industrial sites across sustainable chemistry, as well as biorefining and energy storage.”

Eni aims to significantly reduce Versalis' exposure to basic chemicals, a sector that is facing structural and irreversible decline in Europe, the statement continued.

According to the Italian group, its basic chemicals activities have incurred losses of almost €7 billion over the last 15 years, including €3 billion in the last five years.

To enable the construction of the new plants, activity at the cracking plants in Brindisi and Priolo, and the polyethylene plant in Ragusa, will be phased out, added Eni.

Nevertheless, the group expects the transformation to have a “positive impact on employment, counteracting the impacts of inevitable negative consequences that the structural and consolidated crisis of the sector in Europe.”

To be fully implemented by 2029, the plan “envisages the development of new chemical platforms in renewables, circular and specialised products, growing markets in which Versalis has acquired a leading position.”

More to follow...