Source: Eni hires JPMorgan to advise on potential cracking plant sales

Sources familiar with the matter claim that Eni, an Italian company, has hired JPMorgan to?advise on the sale of a cracking facility in the southern part of the country.

Eni declined comment. JPMorgan did not respond to a request for comment.

Last year, Eni's Brindisi cracking operation was mothballed as part of an overhaul of its loss making chemicals business. Eni, a state-controlled company, has committed to investing?2 billion euro ($2.34 billion), to relaunch its chemicals business by moving into biofuels and plastic recycling. Eni wants to decrease its exposure to petrochemicals such as steam cracking which has been under pressure in Europe due to old plants and high prices for many years.

The ministry released a press statement saying that the Italian industry minister met with Eni executives on Tuesday to discuss the progress made in the "restructuring" of the company, with a particular focus on Brindisi.

The ministry stated that "Eni" had appointed a "top-tier international advisor to identify a possible industrial buyer for its 'cracking operations", without disclosing any details.

(source: Reuters)