commiss decis septemb state aid grant itali enichem spa notifi document number italian text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite procedur march commiss decid open articl articl procedur respect capit contribut made eni spa hereinaft quot eni quot subsidiari enichem spa hereinaft quot enichem quot octob decemb itl billion itl billion hereinaft quot inject quot letter march commiss inform italian govern request submit observ furnish inform assess capit contribut question letter italian govern submit observ time notifi restructur plan implement enichem period context plan italian author inform commiss capit contribut made eni enichem itl billion capit contribut approv enichem sharehold june paid month commiss decis hereinaft quot inject quot submiss meet repres italian author enichem provid commiss detail restructur plan descript restructur action undertaken enichem period juli commiss adopt final decis hereinaft quot decis juli quot close procedur initi march decis declar inject state aid compat common market time conclud examin inject find constitut state aid commiss decis close procedur publish offici journal european commun applic lodg januari bp chemic hereinaft quot bp quot brought proceed court instanc european commun hereinaft quot cfi quot annul commiss decis juli judgment septemb case cfi annul decis juli close preliminari examin capit contribut itl billion cfi conclud quot commiss close initi examin capit inject pursuant articl treati inabl surmount difficulti question inject constitut state aid examin inject compat common market infring right applic parti concern mean articl treati quot court hand reject bp applic decis juli found capit inject state aid compat common market pursuant articl result judgment commiss decid june initi proceed articl respect capit contribut decis commun itali letter juli commiss invit interest parti submit comment aid question commiss receiv comment parti forward itali opportun react italian author submit observ letter august provid inform meet februari ii descript measur enichem eni oper subhold compani chemic sector enichem time measur produc market wide rang chemic product eni hold compani creat juli ent nazional idrocarburi italian public entiti transform joint stock compani time capit contribut decid italian govern control entir share capit eni treasuri ministri appoint compani board director enichem econom financi situat deterior rapidli end downturn chemic market period shown tabl drastic reduct compani turnov due reduct price product result neg net oper margin consequ increas enichem net loss tabl enichem econom financi result gt tabl gt enichem respond market difficulti put place larg restructur plan aim redefin industri posit chemic market advers trend experienc preced year order restor sound financi industri situat part restructur measur eni decid octob provid enichem fresh capit capit contribut itl billion grant enichem immedi itl billion grant decemb inject inject notifi commiss reason commiss decis march open formal investig procedur commiss state decis juli restructur measur includ signific number plant closur capac reduct closur list tabl tabl enichem plant closur gt tabl gt closur intern restructur measur reduc enichem workforc period enichem plan divest core activ sale liquid view withdraw loss make product obtain divestitur revenu basic dispos big profit make subsidiari fibr deterg sector part financ restructur plan restructur compani face increas market difficulti due downturn petrochem busi period larg major petrochem compani experienc signific deterior industri result consequ fall price major player post oper loss market situat petrochem busi worsen compar forecast plan enichem develop line restructur measur undertaken addit industri plan period includ radic cost cut action restor sound viabil healthi financi situat italian author part proceed present enichem addit industri plan commiss inform letter june financi detail plan includ itl billion capit contribut inject plan focus main object balanc financi structur concentr pure quot core quot activ improv cost structur oper enichem decid concentr busi base chemic polym elastom strateg link energi busi eni drastic improv cost structur optimis product logist reduc surplu capac rationalis organis commerci structur context addit plan enichem plan addit divest amount itl period reduct work capit itl billion reduct invest itl billion year amp expenditur itl billion year addit rationalis shutdown intend reduc compani fix cost itl billion end time enichem workforc eventu cut unit reduc cost core activ enichem concentr predominantli base chemic polym elastom divest includ polyethylen plastic downstream activ pet fine chemic minor elastom activ nitril polychloropren fibr acryl polyest thermo bond deterg measur intend reduc enichem fix cost work capit level respect ratio result enichem expect show profit reach level indebted financi charg profit similar main competitor divest plant shutdown intend provid addit signific reduct enichem product capac plant list tabl sold close tabl enichem restructur divest gt tabl gt plan restructur measur link addit plan provid estim addit reduct capac kt year compar kt obtain period tabl identifi quot core busi quot plan refer establish form collabor produc order fill technolog gap enichem experienc sector eventu enichem sold polym busi union carbid develop joint ventur order reposit busi market measur enabl enichem restructur order restor sound profit start achiev posit oper cash flow estim report tabl tabl enichem forecast econom result gt tabl gt iii comment parti bp observ argu commiss valid reason separ capit inject measur consid argu oper make compani attract privat oper close inject possibl consid separ oper inject return total invest suffici privat investor inject regard state aid bp argu oper consid stand transact return invest suffici make profit bp challeng assumpt calcul commiss decis juli submiss court bp question claim method discount profit hereinaft quot dnp quot gener accept challeng assumpt commiss calcul return dnp discount cash flow hereinaft quot dcf quot methodolog bp argu commiss wrongli calcul effect debt repay consid cash flow repai enichem debt return ii commiss includ calcul return initi book enichem inconsist dcf method final iii residu attribut enichem excess bp argu capit inject regard state aid assess guidelin restructur aid regard reduct capac proport amount aid unit kingdom govern comment argu capit inject separ inject put place form part singl ongo restructur enichem surviv inject unit kingdom argu ii inject regard stand satisfi market economi investor test unit kingdom author enichem financi situat time inject sound demonstr fact altern inject compani bankruptci addit inject link sole firm invest need meet restructur cost incur enichem unit kingdom govern support bp view inject regard state aid inject assess relev guidelin iv comment itali italian govern repli argu inject fund provid eni enichem consid state resourc fund gener compani activ grant state ii fund grant circumst accept privat investor oper normal market condit iii event fund regard state aid aid compat common market articl point concern italian author fund grant eni enichem state resourc author state eni receiv capit contribut state capit increas grant eni state eni grant capit contribut enichem resourc gener profit activ oil product distribut contest fund constitut state resourc account articl point ii italian author claim eni grant inject act normal privat investor act similar circumst fact italian author project oper design provid suffici return invest italian author note project prove conserv analys result obtain enichem period cover plan italian author argu eni provid fund enichem order safeguard stake subsidiari maximis compani prior step privatis place novemb iii italian author argu commiss regard measur state aid qualifi exempt articl aim restructur firm difficulti italian author restructur plan present commiss fulfil condit requir aid compat common market evid plan guarante enichem return profit basi conserv market assumpt base intern restructur measur proportion aim pursu italian author note financi econom project plan larg exceed actual result prove expect assess measur state aid order ascertain state measur constitut aid mean articl commiss determin grant state state resourc distort threaten distort competit favour undertak affect trade member state presenc public resourc commiss consid argument italian author fund grant enichem state fund provid eni resourc reject commiss note capit contribut examin grant eni undertak time measur wholli own treasuri govern appoint eni board director turn appoint manag enichem case law court justic quot order determin aid regard state aid mean articl articl treati distinct drawn case aid grant directli state case grant public privat bodi establish appoint state quot lower return eni invest enichem meant lower return state invest eni result fund grant eni enichem deriv directli state budget public natur fund assum state forego incom accept control undertak eni fail secur proper return invest subsidiari enichem commiss consid fund refer decis constitut state aid mean articl treati favour undertak commiss consid financi measur grant state undertak form reduc charg born undertak consid state aid mean articl case capit contribut commiss ascertain state provid fund accord behaviour privat investor market economi condit grant condit privat investor oper market economi grant provid econom advantag recipi recipi fact resourc financ expenditur invest loan financi institut remuner adequ resourc receiv capit increas normal event life compani financ growth invest compani assum capit increas public undertak involv state aid put public undertak favour competit posit vi vi privat contrari articl treati principl equal treatment public privat undertak infring case public undertak receiv capit provis favour term compar privat reason commiss develop principl privat investor oper market economi determin state financi resourc undertak condit accept privat investor assess made basi inform commiss moment transact take place carri assess stress judgment septemb cfi conclud quot ground believ inject question consid realiti seri relat capit contribut grant part continu restructur process begun quot paragraph commiss unabl produc calcul made view conclud capit inject compli market economi investor principl paragraph consequ quot commiss posit end initi examin overcom difficulti rais question inject constitut quot state aid paragraph present case doubt aid natur inject compat common market assess decis juli return invest outlai suffici satisfi market economi investor test decis commiss held measur aid compat common market light restructur measur carri period court annul part decis commiss review assess circumst present case commiss line court assum inject grant part continu restructur process line reason commiss apprais capit contribut light criteria appli assess inject mean commiss verifi restructur measur account examin inject articl applic inject effect commun trade consider trade member state chemic product time inject enichem largest italian chemic produc rank major european chemic produc led west european market chemic product consolid figur show total output worth itl billion export european countri size compani extent trade chemic product member state conclud measur affect trade member state vi compat common market order assess capit contribut articl part gener restructur programm aim restor enichem viabil commiss make refer criteria restructur aid forc time notif capit contribut criteria contain commun guidelin state aid rescu restructur firm difficulti guidelin commiss approv measur restructur firm difficulti condit satisfi measur restor long term viabil firm ii avoid undu distort competit iii proport cost benefit restructur limit strict minimum need iv restructur plan fulli implement implement restructur plan monitor commiss condit fulfil commiss view aid contrari commun interest approv articl unit kingdom govern bp comment argu assess condit ii stringent question counterpart condit addit plan capabl restor long term econom financi viabil enichem reason time restructur plan base assess posit enichem market eni group care consider enichem strength weak product sector state improv viabil result intern restructur measur drastic scale enichem product capac plant closur dispos control undertak concentr exclus profit core activ strong reduct variabl fix cost drastic workforc cut reduct number product site simplif intern organis structur balanc financi structur compani note open decis commiss check estim enichem restructur plan base market develop forecast time conclud conserv realist reason assumpt extern factor influenc restructur gener acknowledg averag market expect restructur base prudent assumpt aim restor sound profit maintain sound econom financi situat onward enichem shown profit time oper result increas itl billion end billion end fix cost decreas itl billion end itl billion end oper cash flow cash flow increas minu itl billion minu itl billion end itl billion itl billion net financi debt debt equiti ratio fall itl billion end itl billion import note plan result achiev part reduct enichem turnov confirm restructur predominantli base intern measur provid enichem artifici mean conduct aggress expansionist polici lastli favour forecast submit commiss show enichem return econom financi viabil year state econom forecast underli estim gener accept conserv confirm fact market condit improv restructur turn effect expect enichem achiev result forecast plan element time plan restructur assess plan capabl restor viabil enichem confirm plan base reason market assumpt restructur substanti effect carri enichem hand light restructur action undertaken enichem econom result action restructur enichem intend restor long term econom financi viabil unit kingdom govern bp present observ proceed substanti disput restructur process design restor enichem long term financi econom viabil stress process link reduct capac conclud restructur measur capit inject expect restor enichem econom financi viabil fact occur condit commiss guidelin fulfil condit ii requir avoid undu distort competit principl aid grant state firm undu distort free competit put firm favour econom situat compar competitor connect relev grant aid counterbalanc reduct capac unit kingdom govern bp argu capit inject constitut state aid capac reduct commiss base decis juli longer satisfi ii test suggest bp inject larg benefit restructur doubl fact decis juli commiss base assess hypothesi inject constitut aid consid capac reduct proportion amount aid contain inject inject deem aid closur enichem restructur plan longer suffici satisfi test present case explain decis inject remov capac close plant identifi origin restructur plan state decis list tabl decis commiss consid capac reduct result closur proport aid grant enichem form capit inject commiss consid capac reduct kt year tabl workforc cut total unit directli relat plan plant closur suffici inject fulfil test ii guidelin note proportion capac reduct amount aid grant inject contest parti concern commiss note capit inject link compar restructur action enichem term capac reduct cost cut measur evid compar capac reduct closur link restructur measur carri connect capit inject tabl reduct capac plant closur period connect capit inject tabl case inject itl billion enichem reduc capac kt year case inject itl billion amount inject enichem achiev capac reduct reduct plan inject state plan aim divest pet fine chemic busi minor elastom activ nitril polychloropren fibr acryl polyest thermo bond deterg polyethylen downstream activ divest provid reduct enichem capac kt year slightli reduct link inject figur includ plant close product capac commiss tabl closur plant account total capac reduct consider plan appli measur reduc fix cost labour cost measur regard proportion amount recapitalis inject accompani reduct enichem workforc unit inject link reduct unit notwithstand fact inject total amount take account commiss conclud restructur enichem produc undu distort competit satisfi condit ii guidelin restructur aid condit iii requir aid proport cost benefit state aid declar compat limit strict minimum need financ return viabil expand product extent restor firm profit restructur plan submit capit increas intend improv financi situat enichem reduc debt equiti ratio amount capit provid excess enichem posit financ aggress commerci polici excess resourc receiv sharehold point plan enichem financi debt reduc nil period cover plan excess plan provid enichem indebted cut itl billion itl billion end debt equiti ratio debt reduct achiev capit increas divestitur revenu amount itl billion end intern gener cash flow resourc intend bring enichem debt equiti ratio consid normal safe ratio sector compani oper level regard low left enichem import amount financi charg pai commiss take view aid grant bring enichem excess liquid unrel process restructur help financ aggress commerci invest oper restructur contrari plan provid reduct turnov product capac invest amp expenditur conclus implicit bp observ cash flow gener enichem period reduc debt financ invest observ clear econom analysi carri bp awar capit inject enichem financi mean engag expansionist commerci polici bp claim aid approv enichem set joint ventur union carbid contraven condit paragraph iii commiss note joint ventur concern polym busi precis enichem core activ identifi restructur plan joint ventur regard intrins part restructur plan mean increas capac enichem polym core busi select strategi increas effici form joint ventur partner provid signific technolog benefit increas capac consolid viabil set joint ventur contrari condit iii condit iii requir recipi make signific contribut financ restructur oper state part ii restructur plan ti inject involv signific plant closur divest amount itl billion period amount capit inject enichem financ restructur oper cash flow shown expect signific light forego commiss take view enichem restructur plan includ signific contribut compani cost restructur line relev commun guidelin commiss conclud enichem restructur plan includ contribut compani cost restructur accord condit iii commun guidelin restructur aid condit iv concern decis present case commiss analysi take place time restructur oper complet suffici commiss check restructur plan effect implement inform dispos commiss conclud restructur plan substanti implement time enichem actual result current econom situat show commiss consid condit set restructur guidelin fulfil state aid element enichem restructur compat common market pursuant articl vii conclus commiss basi forego assess conclud capit itl billion inject eni enichem compat common market articl adopt decis articl state aid contain capit itl billion inject eni enichem spa compat common market articl treati articl decis address republ itali brussel septemb commiss mario monti member commiss oj oj oj ecr ii paragraph judgment italian state hold eni capit figur includ reduc capac addit ravenna intermedi product pedrengo fine chemic villadossola terbond pisticci pvc joint ventur case ecr commun member state applic articl eec treati articl commiss direct eec public undertak manufactur sector oj decis march initi procedur articl footnot paragraph commun guidelin state aid rescu restructur firm difficulti oj paragraph decis open proceed footnot commiss refer restructur guidelin gener cite publish chang polici set guidelin save agricultur sector paragraph guidelin publish doubt relev text present case oj footnot