Italian major Eni plans to exit traditional refining activities within the next decade as it is focused on bio-refineries and accelerating its transition to low-carbon energy, chief executive Claudio Descalzi told Bloomberg in an interview . The top executive spoke a month after Eni announced in June a “new business structure to be a leader in the energy transition,” creating an Energy Evolution division in the company to accelerate its plans to significantly boost renewable power generation and biofuels production. Eni has bio-refineries in Venice and Gela, Italy, converted from conventional fossil-fuel refineries into bio-refineries to produce high-quality, cleaner fuels. Only the two bio-refineries didn’t work at reduced capacity during Italy’s lockdown between March and early May, because they “worked very well,” Descalzi told Bloomberg. The internal rate of return at bio-refineries is around 15 percent, “not bad” compared to the upstream, the manager noted. Earlier this month, Eni […]