August 28, 2003
ENI may split elastomers business to speed divestment plans.
Having failed to find a buyer for the business as a whole, ENI says it may split the elastomers activities it is selling. The elastomers business is part of Polimeri Europa and had sales of EUR 650 M/y. Polimeri's elastomers business has 10% of the European elastomers market outside Italy. The share in Italy is 34%. It has a 2% share of the N American market. The business makes polybutadiene and a range of styrenic elastomers and block copolymers.
Italy's Eni to close Gela cracker in refinery upgrade plan
Italy's Eni will close down its
Ethylene 2 cracker at Gela, in Sicily, which would result in
a cut of around 400 jobs, or about 33%, of the workforce at the
site, the company confirmed in a statement, Wednesday.
According to a report in the Italian news agency ANSA, a further 120 jobs would also go from Polimeri Europa, Eni's petrochemical arm, which produces low density polyethylene at Gela.
The closure and job cuts were part of a four-year Eur600 million ($774 million) investment program, from 2007-2010, which are intended to modernize and upgrade the refinery at the site.
The closure of Ethylene 2 was because the plant was old and the technology obsolete, Eni said. In addition, the relatively small size of the cracker, with a 245,000 mt/year ethylene capacity, meant that cracker operation was not competitive.