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
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