Italian energy company Eni announced today the transfer of the business branch of its Refining Evolution & Transformation unit, which includes refineries and logistics businesses in Europe and the Middle East into a newly formed company, Eni Industrial Evolution S.p.A.
According to the company, the transaction forms part of its “strategy to ensure a fully decarbonized energy offering both in production processes and to consumers, seizing the opportunities and growth prospects offered by the energy transition.”
Eni has set goals to reach net zero across all emissions scopes by 2050, with a strategy focused on optimizing and enhancing its oil and gas portfolio to progressively reduce emissions, and expanding into renewable energy, circular economy, and new energy solutions and services offerings.
Assets transferred to the new unit include Eni’s Italy-based Sannazzaro de’ Burgondi, Taranto and Livorno refineries and its Milazzo Refinery joint venture, the company’s industrial research facility in San Filippo del Mela, as well as depots and pipelines, in addition to its shareholdings in Ecofuel S.p.A. and Costiero Gas Livorno S.p.A.
In a post announcing the launch of the new unit, Eni said that the new business will aim to ensure the management of the refinery and depot assets, “and to consolidate the path of industrial transformation, also from a circular economy perspective, through the development of new industrial supply chains.”
While Eni is spinning out its key Italian traditional refineries, it will retain assets that it has converted into biorefineries, including its Gela and Venice biorefineries.
Eni added:
“The corporate operation aims to develop new supply chains in the field of industrial transformation, enhancing people’s expertise and the technologies developed in downstream activities, to ensure a future based on environmental, social and economic sustainability.”
