Published by Global Banking & Finance Review®
Posted on March 24, 2025
1 min readLast updated: January 24, 2026
Add as preferred source on GoogleVersalis, Eni's chemical unit, has opened a new plant in Porto Marghera for recycled plastics, part of a €2 billion investment to revamp its chemical business.
PORTO MARGHERA, Italy (Reuters) - Versalis, the chemical division of Italian energy group Eni, on Monday opened a plant in Porto Marghera for the production of plastics made from mechanically recycled raw materials.
The opening of this factory, which produces materials for the packaging and construction sectors, is part of a multi-year strategy of the state-controlled group to overhaul its chemical business.
A build-up of production capacity in China and high European energy costs have put petrochemical producers under pressure, prompting groups to shut down old plants or sell assets.
Eni announced last year it would invest 2 billion euros by 2029 to turn around its chemicals business, which accumulated 3 billion euros in losses in the last five years.
To bring the business back to profit, the state-controlled group plans to cut the division's exposure to basic chemicals by mothballing its remaining two cracking plants in Sicily and Puglia and a polyethylene factory in Sicily.
The turnaround hinges on starting new activities including plastic recycling, bio-refining and energy storage.
(This story has been refiled to amend the wording in the headline)
(Reporting by Francesca Landini; Editing by Keith Weir)
The article discusses Versalis' new plant for recycled plastic production in Italy as part of Eni's strategy to revamp its chemical business.
Eni aims to revamp its chemical division and reduce losses by investing in recycled plastics and other sustainable initiatives.
European petrochemical producers face challenges from high energy costs and increased production capacity in China.
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