Inspectioneering
News

Eni Planning Overhaul to Step Up Green Drive

Reuters, June 3, 2020
Reuters

Italian oil major Eni is planning to create a division to focus on new energy solutions which could be headed by its CFO, as it steps up preparations for a decarbonized future, two sources said.

Eni’s restructuring plans come as the oil and gas sector faces a collapse in global oil consumption following the coronavirus epidemic and long-term uncertainty over energy demand as governments battle climate change.

The state-controlled group is looking to create the new green division to look after renewables and other clean energy business while keeping oil and gas activity in a separate unit, the sources familiar with the matter said.

Long-time CFO Massimo Mondazzi could be moved across to head up the new division, or part of it, one of the sources said, adding that no final decision had yet been taken. “Mondazzi is going to be head of downstream, chemicals and renewables,” the second source said.

Eni declined to comment.

Italian daily Il Sole 24 Ore reported the potential overhaul on Tuesday.

Eni, headed by veteran oilman Claudio Descalzi, pledged earlier this year to slash its greenhouse gas emissions by 80% in one of the most ambitious clean-up drives in an industry under pressure from investors to go green.

To reach the goal it is looking to have less oil and more gas in its portfolio, build its renewable capacity, convert refineries to bio-fuels and step up forestry and carbon capture projects.

The restructuring underway is a move that will focus minds and give the market an idea of the actual size of Eni’s green business,” one of the sources said.

The sources said the new division was likely to include the group’s chemical business Versalis, its retail activities and probably refining, though final details had yet to be ironed out.


(Reporting by Stephen Jewkes; Editing by Elaine Hardcastle)

Click here to read the full article from Reuters.

Copyright 2020 Thomson Reuters. Click for restrictions.

Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.


Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Talent Solutions

Discover job opportunities that match your skillset.

Case Studies

Learn from the experience of others in the industry.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.

Blog

Read short articles and insights authored by industry experts.

Acronyms

Commonly used asset integrity management and inspection acronyms.

Downloads

Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos

Watch educational and informative videos directly related to your profession.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.