Eni to shutter two olefin plants in Italy

The downsizing of Europe’s petrochemical sector continues, this time in Italy, where the energy firm Eni plans to shutter two ethylene crackers—in Brindisi and Priolo Gargallo—as part of an overhaul of its struggling Versalis chemical business. With the move, the Italian firm joins a growing list of companies closing European olefin and polyolefin facilities that are older, are smaller, and have higher operating costs than newer facilities built in the US, China, and the Middle East. ExxonMobil and Sabic both announced similar closures earlier this year . LyondellBasell Industries is reviewing its European fleet . “This is a necessary response to the structural disadvantage European basic chemicals manufacturing faces versus other regions,” Francesco Gattei, Eni’s chief transition and financial officer , said in an earnings call . The business has lost $3.2 billion over the past 5 years and $7.6 billion over the past 15, Eni says. The site in