Dear Alex,
Please find below the answers to your questions. Should you use this information, kindly avoid quoting me directly and instead refer to EIB sources.
Best wishes,
Xyz
- What is a 15-year finance contract? Does ENI has to pay the money back? Under what conditions?
The European Investment Bank (EIB) is the financial arm of the European Union. We finance projects that advance EU priorities by providing long-term loans, guarantees and advisory services. Our financing contributes to promoting the EU priorities and spans a wide range of areas, including climate action, digitalisation, security, social infrastructure and regional cohesion, both in Europe and worldwide.
Regarding the agreement with ENI you are referring to, the EIB is providing a €500 million loan to support the construction of new hydrogenated biofuel production plants at the Livorno refinery. This loan needs to be repaid over 15 years, in line with the contract.
- Why is it that the EIB gives or loans money to a fossil oil company that made over €6.4 billion profit in 2024?
The planned biorefinery in Livorno is not related to fossil fuel production. On the contrary, it will make a strong contribution to climate action and energy security. The investment will play a key role in decarbonising the transport sector and reducing CO₂ emissions, in line with the EU’s objectives, while supporting Italy in achieving the national GHG reduction targets in transport as well as for the production of advanced biofuels and commercialisation of pure biofuels.
Moreover, a distinctive feature of the project, alongside the use of advanced technologies, is its future-proof design: the plant layout could be adapted to produce sustainable aviation fuel (SAF), which is key to decarbonising air transport. This flexibility strengthens the long-term value of the investment, aligns it with the EU’s environmental and energy priorities, and broadens its potential impact in supporting a climate-neutral future.
This investment is a key part of ENI’s decarbonisation strategy. Importantly, ENI complies with the requirements of the EIB’s PATH framework, which assesses alignment with the Paris Agreement, and consequently consistent with the EU climate bank’s investment strategy.
- The Italian antitrust authorities concluded that ENI and its subsidiary Novamont (100 % owned by ENI) were involved in abusive dominant and antitrust activities in Italy. They were fined millions of euros n June 2025. (See link + image ). – Was the EIB aware that ENI had been condemned by the Italian antitrust authorities? If not, would the EIB still have loaned the money to ENI? – Do you consider this morally acceptable to loan money to a company that uses its dominant position to remove the competition? Do you consider it morally acceptable to give or loan money to a company that has repeatedly SLAPPed journalists and NGOs?
EIB extends support to specific investments and this EIB loan to ENI is strictly linked to the construction of new plants to produce hydrogenated biofuels at the Livorno site. This project was positively assessed against the EIB’s due diligence standards, including environmental, technical, financial, and compliance criteria. The financing in question is unrelated to the case you reference, and the EIB does not comment on national competition authority decisions. Any material developments that could affect the integrity or compliance of our partners are strictly monitored and reviewed. The EIB has mechanisms in place to reassess its engagement should the risk profile of a project or its promoter change.
My Remarks
The introduction is great … kindly avoid quoting me directly and instead refer to EIB sources.
That one put a smile on my face and I will respect this. I know how to read between the lines, so let me translate it for you.
Mr. Barrett … my superiors told me to answer with this bullshit reply. Please do not associate my name with this bullshit reply, but you made a point. Unfortunately, we cannot admit our dubious decision … but in the future I think the EIB will think twice before doing business with ENI again.
OK, let me put that one in the fridge for the moment
😂😂😂😂
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