Italy’s Eni and China’s Zhejiang Energy signed a Memorandum of Understanding (MoU) on strategic cooperation across the gas and LNG value chain in China and internationally.
The MoU establishes a cooperation framework and builds on the companies’ shared goal of promoting emissions reduction by favoring a switch from coal to gas in the production of electricity.
This reduces by as much as half the greenhouse gas (ghg) emissions of a power plant, which represents a significant immediate step forward in decarbonizing the sector.
The agreement identified the initiatives that range from developing long-term LNG supply agreements to joint participation in gas and LNG projects.
Eni, recently establishing a new representative office in Beijing, has been present in China since 1984.
This MoU is Eni’s step forward in the energy transition process. The company has launched a new strategy for carbon neutrality by 2050 in all its operations, processes and products. Gas is to represent more than 90 per cent of Eni’s production.