On Tuesday Eni met with the National and local Trade Unions to discuss the current environment for the refining sector in Europe, Italy and particularly, the Gela area. The situation continues to be of concern, due to a significant contraction in demand for petroleum products and the surplus of refining capacity, which have led to a collapse in margins.
In this context, and given the persistence of this challenging scenario, Eni is announcing the need to implement a temporary, partial stoppage at the Gela Refinery, in order to reduce the negative impact on the refining profit and loss.
The stoppage will be partial and will involve the less profitable production cycles for the refining of foreign crude oil and residues, while the refining of domestic crude oil and that in the pipeline will continue. The stoppage will last for 12 months, with the plant scheduled to restart in April 2013. Approximately 500 employees will be affected by this measure.
Eni has confirmed that the application of the safeguards for workers will continue to be provided as part of the agreement, signed on 26 May 2011 for development, competitiveness and industrial relations. Eni plans to continue discussions with union representatives in order to define all aspects related to the stoppage and conservation of the Gela Refinery plant.
During the meeting, the restarting of the refinery in Venice was confirmed for the 2 May 2012, pursuant to the commitments signed after the temporary stoppage.