Eni reveals long-term strategic plan, investment in Italy to reach €7bn by 2021

Eni is to spend €7bn in Italy over the next four years, with €1bn ringfenced for green initiatives.

Claudio Descalzi, the energy firm's CEO, outlined its long-term strategic plan in a presentation to key members of the Italian financial community on Wednesday.

In the field of renewables, he explained how the company will concentrate research in solar power, energy storage, advanced biofuels, biomass and wind power, and in the development of technologies for the production of energy from nuclear fusion.

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Descalzi also underlined the company’s commitment to the creation of bio-products in the downstream sector, with Eni recently having become the first company to have converted a traditional oil refinery into a bio-refinery.

He said: "We operate in tens of countries around the world and in every country we integrate our skills and passion with those of the local populations that host us with extraordinary results.

"But our roots are here in Italy and it is here that we see the potential for investing more. In fact, Italy is the country in which we are planning to invest the most: €7bn over the next 4 years, of which €1bn has been earmarked for green activities, including research and development expenditure for the decarbonisation process."

Earlier this year, Eni unveiled the world's biggest industrial supercomputer near Milan, hailing a 'significant' step in its digital transformation.