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Eni faces one-day strike over proposed closure of Italian refineries

  • Italy's three largest unions are calling for a one-day strike on July 29 for all of Eni's (E +0.4%) 30K workers in Italy to protest the energy company's decision to shut unprofitable refineries.
  • The strike is scheduled for two days before new Eni CEO Claudio Descalzi is expected to present a new strategy for the company that unions say they have been told will include plans to close as many as five of its six Italian refineries.
  • Eni's refining and marketing unit has lost €800M in the past two years and has little chance of recovery any time soon because consumption of gasoline and other refined products has plunged in Italy amid an economic stagnation.
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