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
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