The new Eni: creating value through energy transition
The Strategy we presented on 28 February 2020 consists of the Long-Term Strategic Plan to 2050
and the 2020-2023 Action Plan
. In general, we have designed a strategy that mixes economic and environmental sustainability. This will enable Eni to be leader in the market, to which it will supply strongly decarbonised energy products, actively contributing to the energy transition process.
A new form of energy through innovation and sustainability
The principles guiding our journey will remain the same: promoting the UN’s sustainable development objectives – a fundamental aspect of our mission – and maintaining a solid financial position, which will still underpin all our decisions.
The strategy is a blueprint for Eni’s evolution over the next 30 years. It envisions a business enhanced by the increasing use of renewables, focused on the circular economy and based on targets for reducing our carbon footprint in line with the aims of the Paris Agreement – the commitment signed by 195 countries to reduce emissions and fight climate change.
Over the course of this evolution, which will be based on sustainability, proprietary technologies, innovation, flexibility and the resilience of company assets, Eni seeks to play an active role in the energy transition process as well as take advantage of new opportunities to develop and improve efficiency
Refining & Marketing
The main medium/long-term strategic guidelines are as follows: • expansion of bio-refining capacity to over 5 million tonnes per year, supplied exclusively with 2nd and 3rd generation "palm-oil free" feedstocks, in target areas such as the Far and Middle East, Europe for biojet fuel production and the United States; • progressive conversion of traditional Italian refining sites through new plants for production of hydrogen, methanol, biomethane and products from recycling of waste materials; • in the long-term, the Ruwais refinery in the United Arab Emirates will be the only traditional refinery in operation, capitalising on its optimal location and operational efficiency; • gradual evolution of product mix sold in retail outlets, reaching 100% decarbonised products by 2050; • Increase of additional services offer to improve margins and enhance customer loyalty. 8 In line with the medium-long term strategy, the 2020-2023 Action Plan has the following objectives: • consolidation and integration of traditional refining activities with Ruwais refinery reaching full potential including contribution from trading activities; • continued diversification through investments in biorefining. Our bioprocessing capacity will be 1 million tonnes by 2023 and palm-oil free; • development of circular economy initiatives for the production of hydrogen and methanol from the recycling of waste materials and from castor oil, both new feedstocks for biorefining; • European marketing consolidation favouring high-margin segments and further development of non-oil services in retail; • increased offer of alternative fuels and development of sustainable mobility. These actions will make it possible to achieve a cumulative organic free cash flow of € 2.6 billion over the period 2020-2023.
Long Term Strategic Plan to 2050 Presentation and Press Release: click here
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