MILAN – Italy’s Eni (NYSE: E) is expected to announce an overhaul of its chemical business in the coming days as it presses ahead with its energy transition program, two sources with knowledge of the matter said on Tuesday.
In March, Eni said its loss-making chemical business Versalis aimed at reaching break-even at the core profit level next year after recording a 200 million euro ($216 million) loss in the first half of this year.
Versalis’ overhaul would involve around 2 billion euros in capital expenditures, one of the sources said, confirming what has been first reported by Bloomberg News.
($1 = 0.9254 euros)
(Source: Reuters)
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