Eni Spins Out European Refining Assets into New Unit Under Decarbonisation Strategy

Italian energy company Eni has transferred its traditional European refining and logistics businesses into a newly formed company, Eni Industrial Evolution S.p.A., as part of its strategy to deliver a fully decarbonised energy offering and pursue growth in the energy transition. Eni will retain its converted biorefineries in Gela and Venice while spinning out conventional refinery assets.

Assets transferred to Eni Industrial Evolution include the Sannazzaro de' Burgondi, Taranto and Livorno refineries, the Milazzo Refinery joint venture, an industrial research facility in San Filippo del Mela, depots and pipelines, and shareholdings in Ecofuel S.p.A. and Costiero Gas Livorno S.p.A. The new entity will manage the refinery and depot assets and pursue industrial transformation through the development of new industrial supply chains. Eni has set goals to reach net zero across all emissions scopes by 2050, with a strategy focused on progressively reducing emissions from oil and gas while expanding renewable energy, circular economy and new energy solutions.

The spin-out of Eni's conventional Italian refineries into a separate entity signals a structural decarbonisation strategy that separates legacy fossil assets from the parent company's balance sheet while preserving operational continuity. The distinction between divested conventional refineries and retained biorefineries illustrates how major integrated energy companies are restructuring to reflect diverging long-term asset values between fossil-based and bio-based refining. For investors and lenders assessing European energy majors' transition credibility, the clarity of such structural separations is increasingly a factor in ESG risk assessments and sustainability-linked financing terms.

Eni said the new unit will aim to develop new supply chains in the field of industrial transformation, enhancing the expertise and technologies developed in downstream activities, to ensure a future based on environmental, social and economic sustainability. The retention of the Gela and Venice biorefineries within the parent company reflects Eni's view that biorefining is a strategic growth business in its decarbonised energy portfolio. The spin-out does not involve external capital raising or a public listing, and the new entity remains within the Eni corporate group for the time being.

Key figure — Net zero target across all scopes by 2050