Eni to save Gela refinery with EUR 2.2bn investment in biofuel production

Nov 7, 2014 - Eni's (BIT:ENI) Gela petroleum refinery in Sicily will turn into a biofuel facility in which the oil and gas group will invest EUR 2.2 billion (USD 2.735bn), under a deal the company, the trade unions and the government signed on Thursday.

All jobs at Gela, 1,600 direct jobs and another 1,000 in related industries, will be kept, Italy's industry ministry said in a statement, putting an end to months-long tensions and concerns over the possible job cuts that would be a blow to Sicily's economy.

The parties agreed to convert the refinery into a biofuel refinery which will be used as a logistics hub for the onshore and offshore industries.

The Cisl trade union welcomed the deal in a statement on Friday and called for well-governed instruments to support the employment and a fast track to authorisations for the refinery conversion.

(EUR 1 = USD 1.243)

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