Eni is a leader in refining in Italy, with its five wholly-owned refineries (Sannazzaro, Livorno, Venice, Taranto and Gela), and in marketing of petroleum products. In the rest of Europe Eni also holds interests in certain refining poles and is active in retail and wholesale sales in Central-Eastern European countries.
In 2014, retail sales of refined products (44.41 mmtonnes) increased by 0.92 mmtonnes from 2013, up 2.1%, due mainly to higher volumes sold to oil companies and traders outside Italy.
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.
The Refining business reached adjusted EBIT breakeven in 2015, 2 years ahead of plan.
In order to address the structural weaknesses in the Refining sector, Eni’s target is to lower its breakeven to around $3/bbl by 2018, while maintaining its current refining capacity. This will generate a cumulative cash flow from operations contribution of €2.9 billion over the plan period.
Refining & Marketing is expected to reach an adjusted EBIT of €700 million by 2019.
In 2014, capital expenditure in the Refining & Marketing segment amounted to €537 million, regarded mainly:
(i) refining, supply and logistics in Italy (€357) and outside Italy (€5 million), for the reconversion of Venice site to bio-refinery, with projects designed primarily to maintain and improve the conversion rate and flexibility of refineries, as well as expenditure on health, safety and environmental upgrades; (ii) upgrading and rebranding of the refined product retail network in Italy (€109 million) and in the rest of Europe (€66 million).
Last updated on 04/06/15