Eni to invest EUR 200m in Porto Marghera chemical site

Nov 17, 2014 - Italy's Eni SpA (BIT:ENI) will invest EUR 200 million (USD 251m) in relaunching its Porto Marghera chemicals site near Venice where it plans to produce biofuels, the industry ministry said on Friday after it signed a deal with the oil and gas group, local authorities and trade unions.

The deal will allow for saving all jobs and ensure the supply to Eni's entire chemicals production system in the Po Valley, the industry ministry said in its statement on the deal which was welcomed by the trade unions.

The new industrial complex, in which Eni will invest some EUR 200 million in 2014-2017, envisages the construction of two facilities that will be making biofuel additives for oil drilling, the Filctem trade union said in a statement.

It is a historic agreement favouring industrial initiatives for a lasting recovery of the economy at the site, Paolo Pirani, secretary general of the Uiltec trade union said in a separate statement.

Earlier this month, Eni pledged to invest EUR 2.2 billion in its Gela petroleum refinery in Sicily to turn into a biofuel facility, under a deal with the industry ministry, which allowed for saving 1,600 direct jobs and another 1,000 in related industries.

(EUR 1 = USD 1.254)

Choose your newsletter by Renewables Now. Join for free!