Eni Kenya B.V. is wholly owned by Eni International B.V., which in turn is wholly owned by Eni. Eni, formed as a result of the transformation of Ente Nazionale Idrocarburi, a public agency, pursuant to Law No. 136 of February 10, 1953, is an integrated energy company with operations in 62 Countries and a workforce of 32,188 (11,310 abroad) as of December 31st, 2022. Eni operates in oil, natural gas, and energy in general, with a particular focus on renewable energies, and is active in the development of circular economy projects, forest conservation and CO2 capture and storage. In June 2020, the Board redefined the Company’s organisational structure, launching a new arrangement consistent with the corporate mission and the new long-term strategy, aimed at transforming the company into a leader in the production and sale of decarbonised energy products.

Eni is subject to the control of Italy’s Ministry of the Economy and Finance, through stakes held directly in the Company (with 4.667%) and indirectly (27.731%) through Cassa Depositi e Prestiti S.p.A. (CDP S.p.A.), a company controlled by the Ministry. The balance of the shares (with 67.602%) is held by institutional investors, retail, and treasury shares. Eni is a company that issues shares listed on Euronext Milan operated by Borsa Italiana S.p.A. and securities traded on the New York Stock Exchange (NYSE) in the United States.

  Total project cost is estimated at US$213 million, consisting of capital investments to construct and operate the agri-processing plants in Kenya and related working capital needs.  IFC is considering providing up to US$210 million senior loan financing package to ENI Kenya B.V. for its agri-business activities, including a potential mobilization piece of up to US$75 million earmarked for potential other lenders.

Eni Kenya B.V.’s first and second agri-processing plants have been built respectively in the Kenyan counties of Makueni and Kwale while the third one is planned to be built in the county of Nakuru. The location of the fourth agri-processing plant is yet to be confirmed.

 Corporate Governance risk is rated Low for the Project. Eni, as a listed entity, has developed comprehensive policies and practices of a high international standard. These are effectively cascaded to Eni’s subsidiaries, including Eni Kenya B.V. Eni maintains effective oversight of its subsidiaries. For the purposes of the Project, it can therefore be considered that Eni has good corporate governance practices in both its home (Italy) and host (Kenya) markets.           

  This is a Category B project according to IFC’s 2012 Policy on Environmental and Social Sustainability. As a long-time oil major operating globally, Eni E&S management systems are aligned with good international industry practices (GIIPs) both at corporate and country-level regarding oil exploration and production projects. Sourcing and processing oilseeds in Sub-Saharan Africa is a new activity and while the Company has adjusted its E&S management systems, especially for its agro-commodities sourcing operations in Kenya, these are always subject to continuous improvement. Key E&S issues for this investment are: (a) effective implementation of E&S management systems and adequate organizational capacity to manage current and future processing and sourcing operations in line with IFC PSs requirements; (b) E&S impact assessment (ESIA) for the Agri-Hubs and E&S risk screening system for oilseeds sourcing operations; (c) assurance of fair, safe and healthy working conditions for employees, contract workers during construction phase and workers in the oilseeds sourcing in line with the applicable national labor requirements and PS2/PS6 supply chain related requirements; (d) resource efficiency (energy / water) and management of dust, noise, air emissions, waste, effluents and hazardous materials in line with applicable World Bank Group (WBG) Environment Health and Safety (EHS) Guidelines (General and Sector Specific, ref. Vegetable Oil Production and Processing); (e) traffic and security management, including construction and road safety risks and impacts on community health and safety; (f) biodiversity risk assessment and management of the oilseeds being procured; (g) stakeholder engagement, including community grievance management.