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Eni SpA (ENI), Italy’s largest oil company, plans to convert its Venice refinery into a biofuels facility by 2014.
Eni staff met labor unions and city staff to review the project, which involves an investment of about 100 million euros ($130 million), the Rome-based company said in a statement. Eni said it will be the first conversion of a conventional refinery into a “bio” refinery.
Conversion of the plant will begin in the second quarter of 2013 and finish by the end of the year, allowing biofuels production to start from Jan. 1, 2014. New facilities to be constructed will be completed in the first half of 2015.
The plant can process 80,000 barrels of crude a day, according to data compiled by Bloomberg.