The Italian group Eni, present in China since 1984, extends its presence in that country by signing a memorandum of understanding on the collaboration with the company Zhejiang Energy in the gas and liquefied natural gas sector.
The Memorandum of Understanding establishes a cooperation framework aimed at facilitating joint initiatives between Eni and Zhejiang Energy throughout the gas and LNG value chain in China and internationally. The MoU is based on the shared objective of the companies to promote a reduction in emissions by favoring the transition from coal to gas in the production of electricity. The initiatives identified in the MoU range from developing a long-term LNG supply agreement to joint participation in gas / LNG projects.
Using gas to produce electricity instead of coal cuts greenhouse gas emissions from a power plant by up to half, offering immediate progress in decarbonising the sector. For Eni, the MoU represents a further step forward in the energy transition process. The company recently launched a new strategy, which will lead it to achieve carbon neutrality by 2050, across all its operations, processes and products. In the long term, gas – which will be increasingly decarbonised – will represent more than 90% of Eni’s production.