We are the leader operator in refining and marketing of petroleum products in Italy. We hold interests in some refining poles in Europe and we are engaged in retail and wholesales activities in Central-Eastern European countries. Retail sales operations are conducted under the "eni" and "agip" brands. The re-branding of Eni's service stations in Italy and in the rest of Europe to "eni" brand is underway.
In order to address the structural weaknesses expected in Refining over the next four years, Eni will complete the transformation process of the R&M segment, bringing operating cash flow and adjusted EBIT to breakeven as early as 2015, through:
Overall, the planned actions will allow the company to reduce the breakeven adjusted margin in refining to approximately 3$/b at the end of the plan. In the 2015-18 period, it plans to achieve a total operating cash flow from R&M activities of over 1.5 bln euros.
In 2013, capital expenditure in the Refining & Marketing Division amounted to €619 million and regarded mainly:
(i) refining, supply and logistics in Italy and outside Italy
(€444 million), with projects designed to improve the conversion rate and flexibility of refineries, in particular the Sannazzaro Refinery, as well as expenditure on health, safety and environmental upgrades; (ii) upgrading and rebranding of the refined product retail network in Italy (€107 million) and in the Rest of Europe (€68 million). Overall in the year, expenditure in health, safety and environment amounted to €105 million.
Last updated on 27/08/14