Eni's (E) Chemical Subsidiary Signs an Agreement With Technip
Eni SpA’s E wholly-owned chemical subsidiary Versalis recently signed an agreement with Technip Energies, a leading engineering and technology company, with the goal of integrating Versalis' Hoop and Technip Energies' Pure.rOil and Pure.rGas purification technologies by developing a technological platform for the advanced chemical recycling of plastic waste.
According to Eni, the goal of the project is to produce new virgin polymers that are suitable for all applications and are exact replicas of polymers derived from fossil raw materials, creating a theoretically endless plastic recycling cycle.
Technip Energies will bring its ethylene furnace and steam cracker design expertise, with more than 700 steam crackers operating worldwide under its own licence, along with the preparation and its proprietary purification technologies, Pure.rGas and Hoop. On the other hand, Versalis will bring its Hoop technology, a pyrolysis process that enables the recovery of mixed plastic waste with high performance in term of yield, recovery and flexibility in managing different types of feedstocks. The integrated technologies by Versalis and Technip will enable a circular economy by reducing the overall carbon footprint in the polymer value chain.
According to Marco Villa, chief operating officer of Technip Energies, the alliance will help strengthen the companies’ leadership in the transformation of traditional basic chemicals and polymers into sustainable, decarbonized products, and facilitate the transition to the circular economy.
Versalis CEO Adriano Alfani said that the partnership model is a very effective accelerator for growth, turning synergies into the strength needed to make the industry more sustainable. He added that the partnership with Technip Energies will allow Versalis to accelerate the deployment of concrete and effective solutions to tackle plastic waste.
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
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Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields, and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
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