Italian oil major Eni will launch an initial public offering for its retail and renewables business, while maintaining a majority stake in the company.

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Eni’s retail and renewables business is the second largest Italian operator of electric vehicle charging points, and is working to develop more than 6 gigawatts of renewables capacity by 2025. It plans to reach 15 GW by 2030.

The name of the retail and renewables business’ will be announced on 22 November.

“We have committed to being a leader in producing and selling completely decarbonized products and an IPO of Eni’s Retail & Renewables business is an important step towards this goal,” chief executive officer Claudio Descalzi said.

“An IPO will unlock significant value, positioning the business for growth and helping both Eni and its customers reach net zero emissions.”

The launch of an IPO, set to be completed in 2022, aims to individualise the business in the eyes of investors. Eni’s retail and renewables business is financially independent from the company.

Eni announced a strategic project in April to define the retail and renewables business’ industrial and financial plans, as a part of Eni’s goals within the energy transition and reaching net zero emissions.

The oil company also recently partnered with the International Renewable Energy Agency to promote the energy transition, specifically in Africa, which accounts for more than half of Eni’s oil and gas production.