Italian energy group Eni has finalized its transformation and relaunch plan for Versalis, its chemicals business. As part of the plan, Eni will invest about €2 billion to reduce emissions by approximately 1 million t of CO2, currently about 40% of Versalis' emissions in Italy.
Following regulatory approval of the deal, Italian chemical company Versalis has completed the acquisition of compounder Tecnofilm.
Versalis is taking full control of renewables specialist Novamont by acquiring the 64% stake held by joint venture partner Mater-Bi, which is held by equity funds Investitori Associati II and NB Renaissance.
Versalis is planning a project at its site in Ravenna, Italy, to increase capacity for elastomers. Estimated investment costs are put at about $80 million
Italian petrochemicals and plastics producer Versalis and compatriot renewables specialist Novamont are revising the structure of their Matrica biopolymers joint venture in the hope of playing a more active role in the EU’s burgeoning circular plastics economy and help shape the Green Deal.
Russian oil and rubber company Tatneft has signed a license and engineering contract with Italy’s Versalis for two new rubber plants in Togliatti. The value of the contract was not disclosed.
Versalis will take full ownership of Italian compounder Finproject, having exercised an option to buy the remaining 60% stake. The Italian chemical company bought a 40% stake in Finproject from owner VEI Capital in July 2020. Financial terms were not disclosed.
The EU Commission’s ambitious plan for a European Green Deal, launched shortly before the pandemic struck in early 2020, aims to make the continent the world’s first climate-neutral region by 2050. The goals spelled out in January last year call for reduction of greenhouse gas emissions by at least 50% up to 2030, compared with 1990 levels.
The age of petrochemicals seems to be finally ending at the Porto Marghera site near Venice operated by Italian energy group Eni’s plastics subsidiary Versalis. While the group has made no formal announcement, Italian press reports say Eni CEO Claudio Descalzi has informed the mayor of Venice and the unions that the cracker with nameplate capacity for nearly 500,000 t/y of ethylene and 250,000 t/y of propylene will be shut down in spring 2022.
