Eni taps JPMorgan as adviser for potential cracking plant sale, source says (updated)

Eni SpA

28/04/2026 19:04

Adds JPMorgan no comment in second paragraph

By Giuseppe Fonte and Francesca Landini

ROME, April 28 (Reuters) - Italy's Eni ENI.MI has hired JPMorgan to advise it on the potential sale of a cracking site in the south of the country, a source familiar with the matter said.

Eni and JPMorgan declined to comment.

Eni's cracking operations in Brindisi were mothballed last year as part of an overhaul of its loss-making chemicals business.

State-controlled Eni has pledged to invest 2 billion euros ($2.34 billion) to relaunch its chemicals activities by moving into biofuels, plastic recycling and speciality chemicals.

Eni also wants to reduce its exposure to petrochemicals, including steam cracking, which have been under strain in Europe for several years due to ageing plants and high costs.

Italy's industry minister met Eni executives on Tuesday to review progress on the restructuring, with a focus on Brindisi, the ministry said in a press release.

"Eni said it had selected a top-tier international adviser to identify a potential industrial buyer for the cracking operations," the ministry said, without disclosing details.

($1 = 0.8541 euros)

 (Reporting by Giuseppe Fonte in Rome and Francesca Landini in Milan, editing by Gavin Jones and Alexander Smith)

 ((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net/))