Eni S.p.A. (NYSE:E) shares are trading lower on Wednesday.
The company secured long-term financing to advance a major energy transition project in Italy. The agreement highlights Eni’s continued push into renewable fuels while balancing traditional refining operations.
The company signed a 15-year, 500 million-euro ($580.75 million) loan with the European Investment Bank to convert part of its Sannazzaro refinery into a biorefinery.
The initiative supports Europe’s broader decarbonization and energy security goals.
Biorefinery Conversion Strategy
Eni plans to transform an existing hydrocracking unit using its proprietary Ecofining technology. The project also includes building a facility to process waste-based feedstocks such as used cooking oils and animal fats.
These materials will serve as inputs for producing hydrotreated vegetable oil biofuels. The company aims to integrate renewable production with its current refining infrastructure to optimize efficiency.
The upgraded site is expected …
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