Eni, Snam to Work with Italian State-Backed Bank on Green Initiatives
December 23 2020 - 7:05AM
Dow Jones News
By Joshua Kirby
Eni SpA and Snam SpA said Wednesday that they have signed an
agreement with the Italian state-backed investment bank Cassa
Depositi e Prestiti to collaborate on the transition to green
energy and reduction in carbon emissions.
The oil-and-gas company and the gas-utility company said in a
joint release with CDP that they would contribute their expertise
in the upstream and downstream sectors and the midstream sector
respectively, while CDP will add financial skills and institutional
expertise.
The agreement is part of the three Italian companies'
contribution to achieving European emission-reduction goals, they
said. The companies will work together to develop the production,
transportation and marketing of green hydrogen, as well as
promoting use of the fuel in rail networks. They will also work to
create refueling stations for compressed natural gas and liquefied
natural gas in Italy.
In the industrial sector, the three companies will work to bring
down emissions by developing carbon-capture and storage
systems.
The letter of intent will be developed by further binding
agreements, the companies added.
Write to Joshua Kirby at joshua.kirby@dowjones.com;
@joshualeokirby
(END) Dow Jones Newswires
December 23, 2020 06:50 ET (11:50 GMT)
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