Eni has rebranded its Italy-based chemicals division as
Versalis while setting forth a new 1.6bn investment plan
through 2015, the company said in a news release.
The prior name was Polimeri Europa.
It represents a tangible sign of the new strategy for
Enis chemicals division and a renewal of the historical
importance of the business within Eni, said Daniele
Ferrari, CEO of Versalis.
The name Versalis is the best example of this new
strategy, as it brings to mind the concept of universality,
widespread presence, stability, safety and security.
Versalis sets out to operate as one of the most
advanced chemicals and plastic materials businesses, through an
ongoing commitment to research and innovation in products,
processes and technology.
The European chemical sector operates in a complex
environment which has undergone critical challenges in recent
years due to the entry of new competitors, a great number of
production plants moving to Asia, and the volatility of feedstock and energy prices, the
In the four-year period from 2012 to 2015, investment will
be equal to 1.6bn - 60% more than in the previous plan.
It will mainly be aimed at the re-launch of critical Italian
sites to deliver income, growth in the elastomers business, and
entry into new business areas, Eni said.
A significant portion of this investment, over 350m,
will be dedicated to the conversion of the chemical plant at
Priolo (SR). The company says special attention will
be paid to the cracking and polyethylene plants, and the
construction of new plants to ensure
the site's profitability and increase employment levels.
The new plan also highlights the development of the
elastomers business, a sector in which Versalis is a
leader in Europe. Over 500m of investment is envisaged
for that business, the company said.
The broad objective is to double the company's turnover,
increasing the current 15% margin to 30% in the next five
years, by strengthening current production lines and developing
existing capacity via the construction of new plants at the
sites of Ravenna, Ferrara, and Grangemouth in the UK.
A new butadiene line at Dunkerque will
be fundamental to the supply of raw materials to the
elastomer production sites, particularly in the UK, the company
Meanwhile, another 500mn will be used to construct a new
industrial complex in Porto Torres, Italy, to produce
bio-monomers and bio-polymers in partnership with Novamont.
At that complex, Versalis will build seven production
plants in three phases over the next five years. A new
research center opened there in February 2012.
One overarching, fundamental characteristic of the
chemicals segment is a constant commitment to expansion in emerging markets, Eni
An important driver will be the use of proprietary technology (licensing and patents)
for the development of joint venture agreements with
international players, in Asian markets in particular.
As the first step, Versalis recently entered China with Eni
Chemicals Shanghai, directly distributing products in the
Chinese market, and with Versalis Pacific, which operates in
all Asian markets.
Implementation of the renewal plan will provide an expected
improvement in EBIT of over 400m in 2013, the company
For more details on the program, visit Enis Versalis
website by clicking here.