Eni: Euro2bn and new name for chemicals business

Rome – Eni has renamed its Polimeri Europa division Versalis, as part of a major new investment strategy for the chemicals and polymers unit.

From 2012 to 2015, Eni will invest €1.6bn - 60% more than previously planned - mainly to develop Italian sites serving its elastomers business, and to facilitate entry into new business areas. 

The plan will also see increased focus on the group’s Green District project for the production of chemicals from renewable sources. The project comprises the construction of one of the biggest industrial complexes in the world at Porto Torres.

Bio-monomers and bio-polymers will be produced there, through an extra investment of over €500m. The construction of seven production plants is planned in three phases over the next five years, Eni said.

Meanwhile, some of the €1.6bn investment, over €350m, will go to convert Eni’s chemical plant at Priolo, Italy, from now until 2015, This will include the cracking and polyethylene plants, and the construction of new plants.

Eni is investing €500m in the Versalis elastomers business to strengthen its production lines and developing existing capacity with the construction of new plants at its Ravenna and Ferrara sites in Italy and at Grangemouth, UK. 

The group, meanwhile, highlighted the importance of its new butadiene line at Dunkerque, France to the supply of raw materials to the elastomer production sites, particularly in the UK.

In emerging markets, particularly Asia, Eni aims to use proprietary technology (licensing and patents) to develop joint venture agreements with international players. 

As the first step, Versalis has recently entered China with Eni Chemicals Shanghai, directly distributing products in the Chinese market, and with Versalis Pacific, which operates in all Asian markets.