News Post
Eni SpA picks up its pace in exiting traditional oil refinery business
Eni SpA of Italy is continuing its plan to pivot away from conventional refineries in favor of greener facilities, spurred on by the pandemic effect on the industry. This acceleration comes after Eni stated in February that it would reduce its net emissions by 80% over the next thirty years.
Italy’s gasoline and diesel demands have begun the process of post-lockdown recovery, but throughout that time Eni’s Venice and Gela biorefineries were the only two facilities that did not reduce their production. ENI CEO Claudi Descalzi added that “we see Covid as a reason to accelerate the transition to low-carbon energy.” The company hopes to convert existing refineries into biorefineries and move into divesting some facilities as part of this emission reduction.
One obstacle for Eni to consider is how they will pay for this energy transition, since renewables usually have lower returns than conventional refineries. Eni is optimistic in its plans to secure capital for this change in new avenues, and that “access to funds will be easier”, according to Mr. Descalzi, as the company plans its future with these changes on the horizon.
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