MILAN (Reuters) – Italian energy group Eni said on Monday it had set up a new company dedicated to sustainable transport, which would develop bio-refining, biomethane and offer mobility products and services in Italy and abroad.

The move is part of Eni’s broader strategy to extract value from its diverse range of businesses by spinning off specific activities and grow them as independent entities.

Since 2021 the group has set up Plenitude, which focuses on renewable energies, and Azule Energy, a joint-venture with BP dedicated to oil and gas activities in Angola.

Last year the Italian group successfully listed its Norwegian oil and gas spin-off Vaar Energy.

Eni Sustainable Mobility is directly controlled by Eni, which holds 100% of its share capital, the group said.

Through this operation, we will integrate and unlock new value from our industrial initiatives, products and services based on innovative technologies that will form a unique and decarbonized mobility offering,” Eni Chief Executive Claudio Descalzi said in a statement.

Eni Sustainable Mobility will be the second lever supporting the group’s energy transition strategy together with Plenitude, Descalzi added.

The company incorporates existing bio-refining and biomethane assets, including the Venice and Gela bio-refineries, and will oversee the development of new projects, including those at Livorno and Pengerang in Malaysia.

Eni Sustainable Mobility will also incorporate a network of over 5,000 sales points in Europe to market and distribute a number of energy carriers, among them hydrogen and electricity, as well as fuels of organic origin including biomethane and HVO (hydrogenated vegetable oil), in addition to other mobility products such as bitumen, lubricants and fuels.

Stefano Ballista, former Sustainable Mobility Director at Eni Energy Evolution, is the CEO of Eni Sustainable Mobility.

(Reporting by Francesca Landini, Editing by Louise Heavens)