By MANUELA MESCO
MILAN -- Eni said that it plans to invest a total of $895 million to update its money-losing Gela refinery in southern Italy.
The refurbished refinery, expected to be fully operational in 2017, "will be able to generate profits" by producing oil products more in line with demand, according to a company statement, which did not elaborate on the new product mix.
The site has accounted for around a third of the losses within the company's entire refining system since 2009, said Eni, which added that it has discussed Gela investment plan with local and national officials.
The refinery had processed about 100,000 barrels of oil per day, but Eni instituted a one-year partial shutdown, beginning last June, due to poor product demand.Dow Jones Newswires