Core Insights - Eni has initiated the environmental approval process for transforming its industrial site in Priolo, Sicily, into a biorefinery and a chemical recycling plant for plastics [1] Company Developments - The project aims to enhance Eni's capabilities in sustainable energy and waste management by converting plastic waste into valuable resources [1] - This initiative aligns with Eni's broader strategy to reduce environmental impact and promote circular economy practices [1] Industry Trends - The move reflects a growing trend in the energy sector towards sustainability and the adoption of innovative technologies for waste recycling [1] - The establishment of biorefineries and chemical recycling plants is becoming increasingly important as industries seek to meet regulatory requirements and consumer demand for environmentally friendly practices [1]

Exxon Mobil (NYSE:XOM) said late Wednesday it will pause more than $100M in planned spending for two European chemical recycling projects because of concerns over new draft rules the company believes would undermine the investment case for the projects. Exxon ( ...