Our exploration and production activities, which are focused off the south coast of China, are governed by a Production Sharing Agreement (PSA). We provide the means for extracting petroleum for the internal market and gas; the product is then transported through an underwater pipeline and sold exclusively to the state company China National Offshore Oil Cooperation (CNOOC). We also work in the country's lubricants sector, where we have launched a product line designed for the Chinese automotive and industrial markets. In April 2022, Versalis signed an agreement with the Chinese Shandong Eco Chemical Co. Ltd. to license the proprietary continuous mass technology to manufacture styrenic polymers with a low-carbon footprint.
We have strengthened our relationship with the Chinese gas market through a memorandum of understanding signed with Petrochina, which sets out a host of opportunities for growth, both in the local market and internationally. Petrochina will assess whether they wish to acquire a share in some of our assets, as we share our expertise in shale gas with the company. In December 2020 we signed a Memorandum of Understanding (Mou) to establish a cooperation framework aimed at facilitating joint initiatives across the entire energy value chain in China and internationally. Such a partnership allows Eni and ICC-NDRC to share knowledge and best practices, assess the impact of energy policies and market regulations, identify areas of mutual interest, and develop relationships with Chinese institutions and companies at the national, provincial and municipal levels. In March 2021 we signed a new MoU on strategic cooperation in the energy sector. The MoU establishes a cooperation framework aimed at facilitating joint initiatives between Eni and Zhejiang Energy across the gas and LNG value chain in China and internationally. The MoU builds on the companies’ shared goal of promoting a reduction in emissions by favoring a switch from coal to gas in the production of electricity.
Keep up to date with the latest news about our work in the country and our projects in the region.
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