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Fincantieri & Eni Sign Agreement in the Field of Circular Economy & Decarbonisation

Source: www.gulfoilandgas.com 6/3/2020, Location: Europe

The CEOs of Eni and Fincantieri, Claudio Descalzi and Giuseppe Bono, signed a Memorandum of Understanding (MoU) which extends the cooperation in Research & Development sector, set out by the two Italian companies in 2017, which now approaches new technological frontiers.

The main focus of the extension will be the joint evaluation of opportunities for the development of innovative initiatives in the field of decarbonisation and circular economy. The activities will focus mainly on waste to energy, production and transport of energy carriers as natural gas, methanol or hydrogen, fuel cells applications, the development and deployment of off-shore renewable technologies.

Over the three years of the previous agreement, Eni and Fincantieri have collaborated to the development of several concepts of floating offshore production platforms, with a modular and reversible approach, developed according to a Fincantieri patent, a Floating Gas to Methanol with Eni technology and a Floating Independent Power Plant (FIPP).

Claudio Descalzi, CEO of Eni, stated: “Thanks to the developed synergies, Fincantieri and Eni will concretely support the country's sustainable development. This agreement perfectly fits into the long-term strategy we have designed. To build the new Eni we have combined economic and environmental sustainability, we are working on a just transition by providing energy in a profitable way and, at the same time, obtaining an important reduction in the carbon footprint. Natural gas, a fossil energy source with the lowest carbon footprint, will represent in Eni’s production mix an increasing component in the coming years: 60% in 2025, reaching 85% in 2050. In this process, Fincantieri represents a strategic partner with whom we continue to research and develop innovative technologies and systems ".

Giuseppe Bono, CEO of Fincantieri, commented: “We believe that the success of this partnership is very good news for Italy, especially given that the cooperation explores a key sector such as the one of sustainable development. The ability of big two national industrial players to pool experiences, professional skills, and above all their visions for the future is a huge strategic achievement". Bono concluded: "I am very pleased because the research path we are charting with a group such as Eni has already led to the creation of several projects, consolidating the technological lead which allowed our companies to obtain important achievements worldwide".

The present Understanding could be subject to subsequent binding actions that the parties involved will define according to the applicable law, included that which regulates operations among related parties.

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