Eni SpA (E), Italy's biggest energy company by market value, said Tuesday it partially shut down the Sicilian refinery of Gela for a year as supply of refined products outstrips demand, hitting margins.
Eni SpA (E),
Italy
's
biggest energy company by market value, said Tuesday it partially shut down the
Sicilian refinery of
Gela
for a
year as supply of refined products outstrips demand, hitting margins.
The Rome-based company said it will shut down the operations refining foreign
and residual crude, while those for Italian oil will continue to work. Around
500 workers at the plant, which has a daily refinery capacity of about 100,000
barrels, will be involved, it added.
The company said it informed labor unions of the decision.
Eni also confirmed that the 80,000 barrel-a-day
Venice
refinery will restart May 2 after a shut down lasting six months that was in
response to low demand.
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