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
Exxon Slips After Flagging Weak 4Q Earnings on Refining Squeeze
2025-01-08 - Exxon Mobil shares fell nearly 2% in early trading on Jan. 8 after the top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations.
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Rising Phoenix Capital Launches $20MM Mineral Fund
2025-02-05 - Rising Phoenix Capital said the La Plata Peak Income Fund focuses on acquiring producing royalty interests that provide consistent cash flow without drilling risk.
Equinor Commences First Tranche of $5B Share Buyback
2025-02-07 - Equinor began the first tranche of a share repurchase of up to $5 billion.
Chevron Makes Leadership, Organizational Changes in Bid to Simplify
2025-02-24 - Chevron Corp. is consolidating its oil, products and gas organization into two segments: upstream and downstream, midstream and chemicals.
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.