• Eni transfers core refinery and logistics assets into a new company as part of its net zero by 2050 strategy
• The move centralizes traditional downstream assets while accelerating circular economy and industrial transformation supply chains
• Governance and operational separation sharpens capital allocation and execution as Europe tightens climate and industrial policy

Eni has formally restructured a significant portion of its downstream operations, transferring the business branch of its Refining Evolution and Transformation unit into a newly established company, Eni Industrial Evolution S.p.A., effective January 1, 2026. The move brings together refineries, logistics infrastructure, and industrial research assets across Europe and the Middle East under a single corporate vehicle designed to manage legacy operations while advancing industrial transformation aligned with the energy transition.

The transaction sits at the core of Eni’s long term strategy to deliver a fully decarbonized energy offering across production processes and consumer markets. By separating operational management from the parent structure, Eni aims to simplify governance, accelerate decision making, and optimize asset performance while pursuing new industrial supply chains rooted in circular economy principles.

A New Operating Platform for Traditional Assets

Eni Industrial Evolution’s initial scope includes the refineries of Sannazzaro de’ Burgondi in Pavia and Taranto, Eni’s stake in the Milazzo Refinery joint venture, and the Livorno refinery. The portfolio also comprises the Robassomero plant, the Research Center South in San Filippo del Mela, primary logistics assets including depots and pipelines, and shareholdings in Ecofuel S.p.A. and Costiero Gas Livorno S.p.A.

Processing activities of raw materials and semi finished products, along with the reception, handling, storage, and delivery of products, will continue through contractual arrangements between Eni and Eni Industrial Evolution. Licenses and authorizations, including customs approvals, will be transferred to the new entity, ensuring operational continuity and regulatory compliance.

The structure allows Eni to preserve industrial capability while reorganizing its downstream footprint to meet tightening emissions standards and shifting market demand across Europe and the Mediterranean basin.

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Circular Economy and Industrial Transformation

In announcing the launch of the new unit, Eni said the business will focus on managing refinery and depot assets “and to consolidate the path of industrial transformation, also from a circular economy perspective, through the development of new industrial supply chains.” The company has emphasized the importance of leveraging workforce expertise and downstream technologies to build industrial models that deliver environmental, social, and economic sustainability.

This framing aligns with European policy priorities that increasingly link industrial competitiveness with decarbonization, circularity, and supply chain resilience. By grouping traditional assets into a single platform, Eni positions itself to repurpose infrastructure, test new processing pathways, and integrate circular feedstocks without diluting its broader renewables and low carbon growth agenda.

Strategic Separation, Not a Retreat

While the transaction consolidates Eni’s traditional refining assets, it does not represent a withdrawal from downstream transformation. Eni will retain refineries already converted into biorefineries, including its facilities in Gela and Venice, which are central to its biofuel and circular economy strategy.

The distinction signals a dual track approach. Legacy refineries and logistics are managed for efficiency, emissions reduction, and optionality, while converted and future oriented assets remain embedded in Eni’s growth businesses. This separation provides clarity for investors assessing capital discipline, transition risk, and alignment with climate targets.

What Executives and Investors Should Take Away

For C suite leaders and investors, Eni Industrial Evolution illustrates how large energy companies are re engineering corporate structures to balance decarbonization with industrial reality. Governance simplification, operational focus, and asset ring fencing are becoming tools to navigate regulatory pressure, capital constraints, and the need for credible transition pathways.

As Europe advances climate policy alongside industrial strategy, Eni’s move reflects a broader shift in how incumbents manage legacy assets while positioning for a lower carbon economy. The creation of Eni Industrial Evolution is less about separation for its own sake and more about control, flexibility, and execution in an energy system undergoing structural change.

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