By LIAM MOLONEY
ROME -- Eni SpA, Italy's biggest energy company, said Friday it will invest about 100 million euros ($130 million) to convert its Venice plant to refine biofuels, as it aims to make the facility profitable in the long term amid a crisis hitting the European refining sector.
In a statement, Eni said it informed labor unions and government officials about the conversion, which will start in the second quarter of 2013. The conversion is expected to be completed at the end of that year.
Production of biofuels at the refinery is expected to start in January 2014 and be fully operational in the first half of 2015, the Rome-based company said.
Until the conversion starts, the refinery will continue to work normally, it added.
Dow Jones Newswires