ROME, April 18 (Xinhua) -- Italian oil, gas and power giant ENI plans to make investments worth 7 billion euros (about 8.7 billion U.S. dollars) in Italy over the next four years, ENI CEO Claudio Descalzi told the Italian financial community on Wednesday.
Decarbonisation and green energy are part of the company's 2018-2021 strategy, the company said in a statement.
"We operate in tens of countries around the world... but our roots are here in Italy," Descalzi said.
"In fact, Italy is the country in which we are planning to invest the most -- 7 billion euros over the next four years, of which one billion has been earmarked for green activities, including research and development expenditure for the decarbonisation process," said the statement.
The CEO also discussed the so-called Progetto Italia (Italy Project) to create 25 renewable energy production facilities on some of ENI's reclaimed industrial sites.
Additionally, Descalzi said ENI is the first company to have converted a traditional oil refinery into a bio-refinery, in Venice, and by the end of the year it will complete the conversion of a plant in Gela, Sicily.
These plants will produce one million tons of green diesel per year by 2021, making ENI one of Europe's leading producers.
The company has also launched projects involving green chemicals, such as intermediate products from vegetable oil and experimental plantations of guayule, a Mexican shrub with latex-yielding leaves, for the production of natural rubber.
Descalzi said the company is focusing on solar power, energy storage, advanced biofuels, biomass and wind power.
It is also researching products and processes with low environmental impact and technologies linked to the circular economy, according to the company statement.
