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    ENI   IT0003132476

ENI S.P.A.

(ENI)
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Eni, BASF Launch Biofuel R&D Initiative

07/29/2021 | 09:09am EDT

By Ed Frankl

Italian energy giant Eni SpA and German industrial conglomerate BASF SE said Thursday that they have launched a joint research-and-development initiative to reduce the carbon footprint in the transport sector.

The companies said they agreed to develop a new technology to produce bio-propanol that could reduce greenhouse-gas emissions by 65% to 75% compared to fossil fuels.

The cooperation aims to develop the bio-propanol from glycerin, a side product in the production of industrial biodiesel that Eni would buy from European producers, with a BASF catalyst, the companies said.

Bio-propanol produced in this way can be added as "a drop-in biofuel component to gasoline." It has better chemical properties than bioethanol and is therefore a valuable component for the preparation of premium gasoline, Eni and BASF said.

"The opportunity to collaborate with strong industry partners like Eni is a major driver for innovation and growth for us," Detlef Ruff, senior vice president, process catalysts at BASF said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

07-29-21 0908ET

Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 0.59% 65.16 Delayed Quote.0.14%
ENI S.P.A. 0.47% 11.032 Delayed Quote.28.57%
WTI -0.81% 71.992 Delayed Quote.46.90%
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Analyst Recommendations on ENI S.P.A.
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Financials
Sales 2021 69 021 M 81 136 M 81 136 M
Net income 2021 2 987 M 3 511 M 3 511 M
Net Debt 2021 16 858 M 19 818 M 19 818 M
P/E ratio 2021 13,0x
Yield 2021 7,82%
Capitalization 39 215 M 46 342 M 46 098 M
EV / Sales 2021 0,81x
EV / Sales 2022 0,75x
Nbr of Employees 31 436
Free-Float 67,8%
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Number of Analysts 26
Last Close Price 10,99 €
Average target price 11,96 €
Spread / Average Target 8,87%
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Managers and Directors
Claudio Descalzi Chief Executive Officer, Director & GM
Francesco Gattei Chief Financial Officer
Lucia Calvosa Chairman
Francesca Zarri Director-Technology, Digital, R&D
Giuseppe Ricci Chief Operating Officer-Energy Evolution
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