Regulatory norms in Trading & Shipping
Eni has an obligation to respect the international trading & shipping regulations that govern the registration, assessment, authorisation and restriction of chemical substances (REACH), the integrity and transparency of wholesale energy markets (REMIT), OTC derivative instruments, central counterparties and trade repositories (EMIR) and the prevention of crimes related to public administration (Model 231).


On 1 June 2007 the regulation REACH (EC) for the registration, assessment, authorisation and restriction of chemical substances entered into force. The new regulation replaces numerous European Union regulations and directives and industrial companies have responsibility for the safety of their products.

Main points

The regulation REACH (EC) 1907/2006 (Registration, Evaluation, Authorisation of Chemicals) published on 30/12/2006 completely revises the EU norms on the subject of chemical substance control for the protection of human health and the environment and for the first time companies are responsible for the safety of their own products.

Suppliers and clients

One of the most important aspects in the regulation REACH (EC) 1907/2006, is the exchange of information between producers or importers and those that make use of chemical substances (downstream users). A particularly significant part in this exchange concerns the identification of the effective uses of the substances, so as to be able to assess them during the registration process, and eventually include them in the SDS dossiers. If no precise use for the substance is specified in the dossier, it could lead to restrictions on its actual use. The European Agency for Chemical Substances (ECHA) has developed a series of codes (“REACH descriptors”) in order to classify the use of substances and facilitate the exchange of information on their conditions of use; these are available on the ECHA website.


As an example, here are some "descriptors" used in the sector of oil products:

Domestic fleet med area (Type of information)Description (Meaning of code)Example
SU Market sectors using the product SU3 - Industrial productions
PC Use by compound type PC24 - Lubricants, greases
PROC Type of use or process PROC1 - Used in closed processes
AC Category of the article AC1O-1 - Rubber products, tyres
ERC Referring to the release mechanism ERC
A complete list of use descriptors for substance registration in the REACH regulations and exposure scenarios for substances linked to the oil cycle are to be found in the following websites: https://www.concawe.eu/ (Choose "REACH Implementation", then "10. List of Identified Uses...") e http://atiel.org/ (Choose "REACH”).

For information please use the following email address: reach.uses@Eni.it

Substances listed

Combustible oils
CAS n. 68476-33-5
Registration no. Reach: 01-2119474894-22-0102

Diesel fuel
CAS n. 68334-30-5
Registration no. Reach:01-2119484664-27-0136.


On 28 December 2011 the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), regulation No. 1227/2011 came into force for all European Union member states. The aim of the regulation is designed to increase transparency and the integrity of the wholesale energy markets to combat unlawful practices.
In particular, REMIT has introduced specific rules at European level for monitoring wholesale energy markets aimed at:
  • identifying market abuse regarding the manipulation (or attempted manipulation) of the market and insider trading 
  • prohibiting the above-mentioned practices in the wholesale energy market (electricity and gas)
  • identifying and pre-empting cases of manipulation (or attempted manipulation) of the market or insider trading by a monitoring system of the European energy markets 
  • adopting suitable provisions for control in consideration of the fact that national authorities have their own specific powers of investigation, enforcement and sanctioning.
The implementation of REMIT is monitored by the Agency for the Cooperation of Energy Regulators (ACER) and by the national regulatory authorities (in Italy this is the Authority for Electrical and Gas Energy and the Water system) which work together, along with the other national and European authorities (financial and antitrust authorities).


The EU regulation no. 648/2012 on OTC derivatives, central counterparties and trade repositories has been in force since 16 August 2012. It was adopted by the European Parliament and the Council of the European Union on 4 July 2012 (EMIR regulation).

Interested parties

The European Market Infrastructure Regulation (EMIR) has identified the following categories: •
  • financial counterparties, whose taxonomy is indicated in 2(8) of the regulation
  • non-financial counterparties, defined like all established companies in the Union and different from financial counterparties and central counterparties
  • qualified non-financial counterparties, the most common of the non-financial counterparties; but they differ in that the gross national value of derivatives portfolio exceeds determined thresholds, distinct per category of derivative. Moreover, it is not objectively possible to measure the ability to reduce risk directly related to commercial activity or treasury financing activities.


The obligations that derive from the EMIR regulation are applied according to the class it belongs to. In particular:

Financial counterparties are obliged to:
  • adhere to clearing procedures consisting of undergoing the clearing of OTC negotiated derivatives contracts through central counterparties, which belong to a class of derivatives that has been declared to be subject to the obligation
  • apply all the mitigation techniques provided by the EMIR regulations, with reference to contracts which have not undergone clearing by central counterparties
Non-financial counterparties are obliged to:
  • assess whether any OTC derivative activity is above the clearing threshold.
  • apply all mitigation techniques to combat risk with reference to contracts that do not undergo the clearing process through a central counterparty
The qualified non-financial counterparties are obliged to:
  • notify Consob and ESMA about any excess and also the eventual returning to threshold limits
  • carry out clearing procedures for contracts concerned and also those closed after exceeding the threshold limit
  • apply all mitigation techniques to combat risk, with reference to contracts that do not undergo the clearing process through a central counterparty EMIR has also introduced the necessity to report derivatives contracts to a trade repository which is authorised or recognised by ESMA; this applies to the central counterparties and to the subjects belonging to each one of the above-mentioned categories.

Model 231

Legislative decree no. 231 of 8 June foresees that companies may adopt models of organisation, management and control which are conducive to preventing crimes related to relationships with the public administration. In relation to this, Mode 231 was approved in the Board meeting of Eni Trading & Shipping on 5 February 2008 for the first time and subsequently integrated to acknowledge the main changes in the organisational and legal framework.

Read also

All Eni’s activities in Trading & Shipping

ETS is responsible for Eni’s Trading & Shipping activities and deals in a wide range of energy products and services.
Back to top