The Italian oil and gas giant Eni said on Wednesday that Eni will invest 1.6 billion euros in the development of the company's chemical department. Eni has previously renamed its former chemical brand Polimeri Europa as Versalis. Eni will invest EUR 500 million in Europe to develop its elastomer business. Versalis is a market leader in Europe. In general, Eni plans to increase its investment in Versalis by 60% over the previous plan. In a statement, Eni said that the implementation of this reconstruction plan is expected to achieve more than 400 million euros of pre-tax profits by 2015.
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