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uMkhonto we Sizwe Exclusive following Jacob Zumas IEC Ruling.

uMkhonto we Sizwe Exclusive following Jacob Zumas IEC Ruling.

sona.co.za

Elections 2024

uMkhonto we Sizwe Exclusive following Jacob Zumas IEC Ruling.

uMkhonto we Sizwe Exclusive following Jacob Zumas IEC Ruling.

sona.co.za

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    Italy's Eni sets up sustainable transport services company

    Italian energy group Eni said on Monday 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.
    Eni's logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini/File Photo
    Eni's logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini/File Photo

    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 decarbonised mobility offering," Eni chief executive, 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.

    About Francesca Landini

    Reporting by Francesca Landini, Editing by Louise Heavens.
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