Release date: 6 October 2008
Promoter – Financial Intermediary
ENI S.p.A.
Location
Description
Construction and operation of new oil processing units within existing refineries at Sannazzaro de' Burgondi (Region of Lombardia) and Taranto (Region of Puglia). The project will convert heavy and sulfurous oil products into low sulfur containing middle distillates such as aviation fuel and diesel, both products of which Italy and Europe as a whole are in deficit.
Objectives
The increased production of cleaner transport fuels replacing more polluting heavy oil products is in line with European policy and directives to improve fuel specifications, leading to reduced tailpipe emissions and improved fuel economy of vehicles. Part of the project – the upgrade at Taranto’s refinery – is located in a convergence region. The project is thus eligible under article 267 a) Economic and Social Cohesion, and 267 c) Common Environment Policy. The financing of this project would contribute to the Bank’s priority lending objectives in support of environmental protection.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 300 million.
Total cost (Approximate amount)
EUR 686 million.
Environmental aspects
The project concerns the upgrading of existing refineries to improve competitiveness and to convert heavy oil products to high quality fuels as required under European standards. It falls under Annex II of the Environmental Impact Assessment (EIA) directive 85/337/EC and its amendments. Due to its technical characteristics and potential impacts on the environment EIAs are required by the environmental authorities in line with the provisions of the directive. Such EIAs have been conducted and approved by Italian authorities.
Procurement
The project is a private sector operation not subject to EU public procurement legislation.
Status
Signed - 11/02/2009
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).