Published on 5 Feb 2021 on Zacks via Yahoo Finance

Eni (E) Enters Decarbonization Accord, Discovers New Oil

Eni SpA E and Snam S.p.A. have entered into an accord with Cassa Depositi e Prestiti (“CDP”). The agreement calls for the companies’ initiatives to decarbonize the energy system. This can be attributable to working together of the companies for several energy transition developments.

The two Italian energy companies along with the country’s prominent investment bank CDP added that they will make efforts in producing, transporting and marketing green hydrogen. They will also work on promoting the use of green hydrogen for rail transportation purposes. Their collaboration initiatives also include the creation of multifunctional refuelling stations for CNG (compressed natural gas), LNG (liquefied natural gas) and hydrogen in Italy. Moreover, the companies will guarantee LNG supplies in every corner of the country by developing the necessary infrastructure.

The companies will also develop carbon capture and storage units that will lower greenhouse gas emissions from industrial sectors like refineries, wherein it has been difficult to reduce emissions of carbon dioxide.