Eni, the Italian oil giant, announces that the negotiations with the U.S. investment fund SK Capital over the sale of a majority share in Versalis S.p.A. have been terminated due to an impossibility to reach a resolution on certain issues, including the future governance of the company. Therefore, starting from the second quarter results, Eni will fully consolidate Versalis within the group’s accounts.
Waiting for the new buyer of Versalis, Eni – the Italian oil giant – has made new and important progress in its commitment to combatting climate change, creating an original model of integration between its traditional business and energy from renewable sources.
The Italian green chemistry will speak American. Eni confirms that it is in search for a partner for Versalis, its synthetic rubber and chemicals company. In a meeting at the Italian Ministry of Economic Development (Mise), between Mise, Eni, Versalis and representatives from the National Confederation of Industry and Trade Unions regarding the prospects for Eni’s petrochemical business, the Italian oil and gas company said it intended to retain a “significant stake” of Versalis in the partnership to “ensure its objectives are successfully met”.
“We’re looking for a joint venture that will allow us to join forces to promote the business.” After days of rumors about the sale of its chemical division Versalis, yesterday the Ceo of Eni, Claudio Descalzi, gave this short answer to the reporters who urged him on the issue. It is at the same time a confirmation of the will of the Italian oil giant to back away from chemistry.
The advisor Barclays would then be at work not to look for buyers but partners and – if according to the agency Bloomberg would be affected several private equity firms – rumors in Italy say it has already started a negotiations with a private fund.
ENI goes green. Oil giant reached an agreement with labour unions and Sicilian authorities on upgrading its oil refinery near the town of Gela to make it environmentally friendly. Under the deal ENI will invest 2.2 billion euros in the 60-year-old refinery to make it eco-friendly.
Matrìca, the 50/50 joint venture between Versalis (Eni) and Novamont, hosted today the International Open Day, a chance for the European Stakeholders attending the third Bioeconomy Conference held in Turin to visit the newly-built plant at Porto Torres, the bio-run industrial complex utilizing the latest technologies and vegetable oils as raw materials. The project was conceived back in 2011 with the objective of converting the petrochemical plant at Porto Torres into one of the most innovative, integrated green chemistry industrial project at world level.
Versalis (the chemichal subsidiary of Eni), Industrial Relations Eni and the trade unions have reached an important agreement on the project at the Porto Marghera site (close to Venice) to redesign production facilities and regain competitiveness.
IL BIOECONOMISTA 