Italian energy major Eni is on track to finalize the sale of a minority stake in its biofuel subsidiary Enilive by the conclusion of 2024, Chief Executive Claudio Descalzi stated on Monday. Speaking at a conference organized by daily Il Giornale in Milan, Descalzi emphasized the progress made in negotiations, noting that discussions have gained momentum.
“The (sale) plan is in progress, there are still issues that are being discussed… our goal is to close by the end of this year, (talks) have accelerated,” Descalzi said.
According to Reuters, the divestiture of minority shares in Enilive and bioplastic unit Novamont is anticipated to generate approximately 1.3 billion euros ($1.4 billion) collectively and could be finalized by year-end. Eni's strategy includes forming distinct entities, known as ‘satellites', focused on specific sectors, with the backing of substantial investors.
“When we announced the strategy (in March) we were thinking (to clinch a deal) a little further ahead, but I think there is a good chance we will close (an agreement on) Enilive, with the same approach as Plenitude, by the end of this year,” Descalzi added.
In March, Eni successfully sold a minority stake in its retail and renewable energy division, Plenitude, to Swiss asset management firm Energy Infrastructure Partners for approximately 10 billion euros ($10.7 billion), inclusive of debt.
