By Giulia Petroni 
 

Eni SpA said Thursday that it has approved a new business structure separating its traditional businesses from assets related to the energy transition and downstream.

The Italian energy company said the board of directors has approved the creation of two new business groups: natural resources and energy evolution.

Natural resources, which will be led by the current Chief Upstream Officer Alessandro Puliti, will focus on the company's oil-and-gas upstream portfolio. It will incorporate oil-and-gas exploration, development and production activities, natural gas wholesale via pipeline and liquefied natural gas. It will also include forestry conservation and carbon-storage projects, among other activities.

Energy evolution, which will be headed by current CFO Massimo Mondazzi, will be centered around the businesses of power generation, transformation and marketing of products "from fossil to bio, blue and green"--more in particular, focusing on renewable energy and biomethane.

This group will also incorporate natural gas and renewables activities, the refining and chemicals businesses and retail gas and power. Subsidiaries Versalis SpA and Eni gas e luce will also be incorporated.

Mr. Mondazzi will keep his role as CFO until August 1, Eni said.

The new organizational structure will be implemented in the coming weeks, according to the company.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

June 04, 2020 12:42 ET (16:42 GMT)

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