Eni confirms €2 billion plan to overhaul Italian chemicals unit

Eni SpA will invest around €2 billion ($2.2 billion) over five years to restart its aging chemicals business in Italy.

With the plan, the oil and gas group wants to significantly reduce the exposure of its Versalis unit to the basic chemicals sector, which is facing a “structural and irreversible decline in Europe”, the company said in a statement on Thursday.