Italian energy group Eni has plans to sell stakes in its biofuel and bioplastic units in a bid to speed up its energy transition, Reuters reported three sources as saying.
The group had started preliminary discussions with funds and industrial investors to find a partner interested in a stake of up to 10% in its biofuel unit Enilive, which could be valued at €10bn (US$10.64bn) or more including debt, the sources were quoted as saying in the 15 April report.
Eni was also in talks with two potential buyers to sell up to 30% of its bioplastic business Novamont, which could be valued around €1bn (US$1.64bn) including debt, the sources said.
These efforts were part of the €50bn (US$53.11bn) group’s overall strategy to set up separate entities – or “satellite” companies – that could attract specialised investors, helping Eni to fund greener businesses without impacting resources for its oil and gas activities, Reuters wrote.
Eni may also consider listing Enilive in a second step, two of the sources said, either through an initial public offering or a spin-off depending on market conditions and the group’s needs.
Enilive comprises multi-fuel service stations and biorefineries in Italy and overseas.
In its 2024-2027 plan Eni had forecast the unit’s core earnings rising to €1.2bn (US$1.27bn) in 2025 from €1bn (US1.06bn) expected this year, the report said.
