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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