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Eni Secures Ministry Approval for Livorno Biorefinery Project
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Eni SpA (E - Free Report) , Italy’s leading oil and gas company, is set to begin construction of its third biorefinery in Italy, Livorno, after receiving final approval from the Italian Ministry of the Environment and Energy Security. The authorization, issued in collaboration with the Ministry of Culture and based on recommendations from the National Institute of Health and Tuscany's regional government, marks a significant step forward in Eni’s ambitious decarbonization strategy.
The Environmental Impact Assessment, submitted in November 2022, paved the way for the construction of Italy’s third biorefinery. The final approval, which involves the issuance of a Single Authorisation and building permit, is anticipated soon. Once operational, the refinery will leverage Eni's proprietary Ecofining technology to produce 500,000 tons of renewable fuel per year. The construction work is expected to be completed by 2026.
This Livorno project is part of Eni's larger effort to transform its industrial operations toward a greener future. Similar conversions have already been successfully executed at its Porto Marghera site in 2014 and at Gela in 2019. These initiatives are central to Eni’s goal of achieving carbon neutrality by 2050. As part of its Enilive bio-refining program, Eni aims to increase its bio-refining capacity from the current 1.65 million tons per year to more than 5 million tons by 2030.
Once completed, the Livorno biorefinery will produce HVO (Hydrotreated Vegetable Oil) diesel, HVO naphtha and bio-LPG, all derived from renewable raw materials. These biofuels are in full compliance with the European Renewable Energy Directive, ensuring their contribution to the EU’s broader sustainability goals.
This project solidifies Eni’s leadership in sustainable energy and contributes significantly to Italy’s role in the global energy transition. With the commencement of the project, Livorno is set to become a key player in Eni’s drive toward a low-carbon future.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
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Eni Secures Ministry Approval for Livorno Biorefinery Project
Eni SpA (E - Free Report) , Italy’s leading oil and gas company, is set to begin construction of its third biorefinery in Italy, Livorno, after receiving final approval from the Italian Ministry of the Environment and Energy Security. The authorization, issued in collaboration with the Ministry of Culture and based on recommendations from the National Institute of Health and Tuscany's regional government, marks a significant step forward in Eni’s ambitious decarbonization strategy.
The Environmental Impact Assessment, submitted in November 2022, paved the way for the construction of Italy’s third biorefinery. The final approval, which involves the issuance of a Single Authorisation and building permit, is anticipated soon. Once operational, the refinery will leverage Eni's proprietary Ecofining technology to produce 500,000 tons of renewable fuel per year. The construction work is expected to be completed by 2026.
This Livorno project is part of Eni's larger effort to transform its industrial operations toward a greener future. Similar conversions have already been successfully executed at its Porto Marghera site in 2014 and at Gela in 2019. These initiatives are central to Eni’s goal of achieving carbon neutrality by 2050. As part of its Enilive bio-refining program, Eni aims to increase its bio-refining capacity from the current 1.65 million tons per year to more than 5 million tons by 2030.
Once completed, the Livorno biorefinery will produce HVO (Hydrotreated Vegetable Oil) diesel, HVO naphtha and bio-LPG, all derived from renewable raw materials. These biofuels are in full compliance with the European Renewable Energy Directive, ensuring their contribution to the EU’s broader sustainability goals.
This project solidifies Eni’s leadership in sustainable energy and contributes significantly to Italy’s role in the global energy transition. With the commencement of the project, Livorno is set to become a key player in Eni’s drive toward a low-carbon future.
E’s Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like MPLX LP (MPLX - Free Report) , Core Laboratories Inc. (CLB - Free Report) and VAALCO Energy, Inc. (EGY - Free Report) . While MPLX currently sports a Zacks Rank #1 (Strong Buy), Core Laboratories and VAALCO Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.