Versalis to acquire an additional 10% stake in Novamont.

Versalis, the wholly owned subsidiary of Italian oil supermajor Eni specializing in the production of chemicals, agreed to acquire an additional 10% stake in Novamont, a company specialized in the development and production of bioplastics and biochemicals. Financial terms were not disclosed. "The development of chemistry from renewables, of which the Matrica JV represents an important example, is one of the pillars of Versalis’ strategy, in line with the energy transition strategy that Eni is pursuing. This agreement with Novamont is founded in the belief that Italy can play a key role at an international level in the field of chemistry from renewables and the circular bioeconomy. The strengthening of the partnership between Versalis and Novamont combines the great technical and market skills of the two companies, and will accelerate the development of technologies, supply chains and improve competitiveness," Adriano Alfani, Versalis CEO.