Eni SPA wants a partner for its petrochemical business, Versalis.
In a meeting with government and trade union officials at the Ministry of Economic Development in Rome, Eni officials reported progress with a transformation plan for the chemical subsidiary, which has lost money in recent years.
“However, the continuously changing global business environment still shows structural limitations despite significant recent across the industry,” Eni said in a statement.
The company seeks a partner with “the availability and expertise to enable Versalis to either broaden or exchange its technology portfolio so as to generate new development and investment opportunities.”
Versalis produces chemical intermediates—olefins, aromatics, and phenol and derivatives—in plants in Italy and France as well as polyethylene, styrene, elastomers, oil field chemicals, and chemicals from renewable feedstocks.
Eni said the Versalis transformation plan “is centered on high-value products (specialties), on efficiency improvements and the streamlining of operations, on international development through strategic partnerships with global operators, and on the development of green chemicals.”
Eni plans to retain “a significant stake” in Versalis.
