Italian energy group Eni said on Jan. 2 it had set up a new company dedicated to sustainable transport, which would develop bio-refining, biomethane and offer mobility products and services in Italy and abroad.
The move is part of Eni's broader strategy to extract value from its diverse range of businesses by spinning off specific activities and grow them as independent entities.
The group did not specify whether it would consider a listing or a partnership to develop the new company in the future.
Since 2021 the group has set up Plenitude, which focuses on renewable energies, and Azule Energy, a joint-venture with BP dedicated to oil and gas activities in Angola.
Last year, the Italian group successfully listed its Norwegian oil and gas spin-off Vaar Energy.
Eni Sustainable Mobility is directly controlled by Eni, which holds 100% of its share capital, the group said.
"Through this operation, we will integrate and unlock new value from our industrial initiatives, products and services based on innovative technologies that will form a unique and decarbonized mobility offering," Eni CEO Claudio Descalzi said in a statement.
Eni Sustainable Mobility will be the second lever supporting the group's energy transition strategy together with Plenitude, Descalzi added.
Last year Eni postponed its plan to list Plenitude on Milan bourse due to market volatility, but the initial public offering could be revived or the group could consider a partnership with an investor, two sources told Reuters.
Eni Sustainable Mobility incorporates existing bio-refining and biomethane assets, including the Venice and Gela bio-refineries, and will oversee the development of new projects, including those at Livorno and Pengerang in Malaysia.
The company will also incorporate a network of over 5,000 sales points in Europe to market and distribute a number of energy carriers, among them hydrogen and electricity, as well as fuels of organic origin. Eni's Italian car sharing service Enjoy will also be part of the new venture.
Stefano Ballista, former Sustainable Mobility Director at Eni Energy Evolution, is the CEO of Eni Sustainable Mobility.
Recommended Reading
NextDecade Plans 3 More Trains at Rio Grande LNG
2025-02-28 - Houston-based NextDecade continues to build the Rio Grande LNG Center in Brownsville, Texas, as its permits filed with the Federal Energy Regulatory Commission continue to go through the legal process.
NatGas Prices, E&Ps Take a Hit from DeepSeeking Missile
2025-01-28 - E&Ps such as Expand Energy and EQT Corp. saw share prices drop on news of less power-intensive AI, but analysts predict the natural gas market will rebound as LNG exports and overall power demand continues to increase.
Exxon Aims to Boost Guyana Gas Production, Explore Export Options
2025-02-21 - Production capacity in Guyana is expected to surpass 1.7 MMbbl/d, with gross production growing to 1.3 MMbbl/d by 2030.
Texas GulfLink Port Wins Approval from U.S. Maritime Administration
2025-02-18 - Sentinel Midstream’s Texas GulfLink crude loading platform is the second Gulf Coast project to receive a permit.
Trump’s DOE Issues First LNG Permit of Term to Commonwealth LNG
2025-02-14 - The former administration of President Joe Biden had halted permitting for all of 2024.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.