By Mauro Orru

Eni SpA said Friday that it has signed an agreement with Italian state lender Cassa Depositi e Prestiti to establish CircularIT, a vehicle to construct plants for the production of biofuels and water from organic municipal waste.

The Italian oil-and-gas major didn't disclose full financial details but said CDP Equity, part of Cassa Depositi e Prestiti, would hold 51% in CircularIT, with Eni subsidiary Eni Rewind retaining 49%.

"The set-up of CircularIT will aim to help fill the infrastructure investment gap necessary to achieve targets that were set as part of the EU Circular Economy 2018," Eni said.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

March 06, 2020 10:01 ET (15:01 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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