Eni Seeks To Sell Loss Making Versalis

The Italian energy and petrochemicals firm Eni is seeking to sell Versalis, its chemical business, or turn Versalis into a joint venture. The sale of Versalis, the largest chemical firm in Italy, could raise $1 billion, according to media reports. In 2014, Versalis recorded sales of $6.4 billion and losses totaling $650 million. This year, however, the firm has improved its results. Its products include elastomers and styrenics. The firm has invested heavily in biobased chemicals, including a project to convert its petrochemicals site in Porto Marghera, Italy, to produce biobased ethylene.