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

Eni SpA is set to spend about €2 billion ($2.2 billion) to overhaul its aging Italy chemicals business, with a shift away from fossil fuel-based source products toward increasing use of decarbonized options.

The Italian energy major will gradually phase out production of basic chemicals at its loss-making Versalis business and focus on renewable, circular and specialty chemicals made from non-fossil fuel materials, according to people familiar with the plan.