Eni (NYSE:E) will seek to sell minority stakes in its biofuel and bio-plastic units by the end of this year, in deals that could fetch a combined ~€1.3B to speed up its energy transition, Reuters reported Monday.
The company has initiated preliminary discussions with funds and industrial investors to find a partner interested in a stake of up to 10% in biofuel unit Enilive, according to the report.
Separately, Eni (E) is in talks with two suitors to sell up to 30% in its Novamont bioplastic business, which could value it at ~€1B including debt; Novamont, which Eni owns through its Versalis chemical unit, is the world’s leader in the production of bioplastics.
Reuters said the efforts are part of Eni’s (E) broader strategy to set up “satellite” companies that can tap specialized investors, helping the company fund greener businesses without sapping resources for oil and gas activities.