Versalis Cuts Quarterly Loss 65% as Restructuring Progresses

Versalis, Eni’s chemicals business, has reduced its second-quarter loss by 65% year-on-year, with a pro-forma adjusted loss of €65 million for the three months ended 30 June, compared to a loss of €184 million in the same period last year. The improvement is attributed to ongoing restructuring efforts and last year’s plant closures, as well as a temporary improvement in polyethylene margins caused by supply disruptions linked to the Middle East crisis. For the first half, the pro-forma adjusted loss narrowed to €223 million, almost 50% lower than the €427 million reported a year earlier. However, the group cautioned that the overall picture of the chemical sector remains depressed due to rising oil-based feedstock and utility costs that could not be passed on through commodity plastics prices. Last year, Versalis accelerated its restructuring programme by permanently shutting down steam crackers at Brindisi and Priolo, which are now undergoing restructuring, decommissioning, and environmental remediation ahead of future redevelopment.