Eni Signs Memorandum Of Understanding With Sinopec

Eni Signs Memorandum Of Understanding With Sinopec
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Παρ, 22 Ιουλίου 2011 - 16:50
Eni SpA (SpA) Friday confirmed it signed a memorandum of understanding with China Petroleum & Chemical Corp. (SNP), or Sinopec, as Italy's biggest oil and natural gas company strengthens its ties with Chinese hydrocarbon firms.
Eni SpA (SpA) Friday confirmed it signed a memorandum of understanding with China Petroleum & Chemical Corp. (SNP), or Sinopec, as Italy 's biggest oil and natural gas company strengthens its ties with Chinese hydrocarbon firms.

Eni confirmed a report from Italian newswire ANSA saying the memorandum had been signed.

ANSA cited Chief Executive Paolo Scaroni as saying that Eni was particularly interested in the development of shale gas in
China .

The deal "signed today allows us to analyze together a series of opportunities in
China and outside China ," said CEO Scaroni, according to ANSA. "I believe that if shale gas is found in China , its development will be strong."

Eni declined to comment details. ANSA wrote details of the deal will be announced in the coming days.

At the start of the year, Eni signed a deal with China National Petroleum Corp., or CNPC, as part of a strategy to strengthen its presence in the hydrocarbon-hungry
Far East and to use its shale gas knowledge.

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