Eni Confirms €2 Billion Plan to Reshape Italy Chemicals Unit - Bloomberg

Eni SpA will invest about €2 billion ($2.2 billion) over five years to relaunch its aging chemicals business in Italy.

With the plan, the oil and gas major aims to significantly reduce the exposure of its unit Versalis to the basic chemicals sector, which is facing “structural and irreversible decline in Europe”, according to a company statement on Thursday.