Italian major Eni plans to exit traditional refining activities within the next decade as it is focused on bio-refineries and accelerating its transition to low-carbon energy, chief executive Claudio Descalzi told Bloomberg in an interview.

The top executive spoke a month after Eni announced in June a “new business structure to be a leader in the energy transition,” creating an Energy Evolution division in the company to accelerate its plans to significantly boost renewable power generation and biofuels production.

Eni has bio-refineries in Venice and Gela, Italy, converted from conventional fossil-fuel refineries into bio-refineries to produce high-quality, cleaner fuels.

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Source: Oil Price