Eni and Zhejiang Energy have signed a Memorandum of Understanding (MoU) on strategic cooperation in the energy sector.
The MoU establishes a cooperation framework aimed at facilitating joint initiatives between Eni and Zhejiang Energy across the gas and LNG value chain in China and internationally.
The MoU builds on the companies’ shared goal of promoting a reduction in emissions by favouring a switch from coal to gas in the production of electricity.
The initiatives identified in the MoU range from developing long term LNG supply agreement to joint participation in gas/LNG projects.
Using gas to produce electricity instead of coal reduces by as much as half the greenhouse gas emissions of a power plant, providing an immediate step forward in decarbonising the sector.
For Eni, the MoU represents a further step in the energy transition process. The company has recently launched a new strategy, which highlights the company’s commitment to being carbon neutral by 2050, in all its operations, processes and products.
Eni outlines that in the long term, gas – which will be increasingly decarbonised – will represent more than 90 per cent of its production.
Eni has been present in China since 1984 and has recently established a new Representative Office in Beijing.