Eni announces renewables-powered restructuring plan

Italian oil and gas major Eni has announced a restructuring of its business operations, with a strong focus on incorporating renewable energy and wide-spread energy efficiency, as well as decarbonisation efforts on an “irreversible path” to make the company “leaders in the energy transition”.

The two new business groups are Natural Resources and Energy Evolution.

Natural Resources, headed by current Chief Upstream Officer Alessandro Puliti, will focus on the company’s gas operations, the scaling up of energy efficiency efforts. Carbon capture and compensation projects are also planned.

The second new division, Energy Evolution, will be headed by current Chief Financial Officer (CFO) Massimo Mandazzi, and will focus on expanding Eni’s power renewable energy and biomethane generation efforts and coordinate the bio and circular evolution of Eni’s refining system and chemical business.

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Overall, the business group will incorporate renewable energy and natural gas-powered generation, whilst greening its refining and chemicals businesses, Retail Gas&Power and mobility Marketing operations.

Planned projects include carbon capture, gas to power and gas to hydrogen projects will be examples, allowing to add value to gas resources and provide customers with entirely sustainable energy.

Further plans include greening the company’s consumer product line, with a focus on producing “greener” products.

The company also intends introducing a new function, Technology, R&D, and Digital, which will incorporate the company’s current ICT and Digital activities, and focus on research & development of new technologies and their fast implementation on an industrial scale.

Chief Executive Officer Claudio Descalzi said: “This new structure reflects Eni’s pivot to the energy transition. An irreversible path that will make us leaders in decarbonised energy products.

“To make the plan come true, and position us to accelerate its delivery, we are creating two new business groups in our company. They will have specific objectives, but they will also cooperate to deliver on the transition and to provide our customers with the widest range of sustainable products.

“The fight against climate change and promotion of sustainable development is recognised by governments, civil society, investors and business alike as priorities for global development. Only those who pursue these in an innovative way will create value in the long term.

“We want to be main actors in a Just Energy Transition, in which we believe, and is central to Eni’s transformation,” concludes Descalzi.

The new organisational structure will be implemented over the coming weeks.

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