The designated measures include the set-up of new industrial plants consistent with the energy transition and decarbonization of industrial sites across sustainable chemistry, as well as biorefining and energy storage, Eni said. To enable the construction of the new plants, the cracking plants in Brindisi and Priolo as well as the polyethylene plant in Ragusa, will be closed.

By the end of the process, the transformation will support a positive impact on employment, counteracting the impacts of inevitable negative consequences that the structural and consolidated crisis of the sector in Europe would have on employment.

The plan, which Eni expects to be implemented by 2029, aims to invest in the development of new chemical platforms in renewables, circular and specialized products, growing markets in which Versalis has acquired a leading position.

Eni aims to significantly reduce Versalis' exposure to basic chemicals, a sector that is facing a structural and irreversible decline in Europe.

Following the transformation and relaunch plan, Eni will target to focus Versalis Chemicals on a high-value downstream portfolio comprising compounding and specialty polymers, biochemicals and circular economy products, which is in line with Eni's technology-led strategy focusing on energy transition businesses with competitive advantages, the group said.

According to Eni, the business will be supported by a new corporate structure which will be developed in alignment with its satellite model: Biochemicals (including Novamont), Downstream (with the acquisitions of Finproject and Tecnofilm), Circularity (through the development of chemical and mechanical recycling), and basic chemicals (resulting from rationalization and repositioning on polymers).