Eni and Sinopec Enter Into Memorandum Of Understanding

Eni SpA has signed a memorandum of understanding with China Petroleum & Chemical Corp. or Sinopec, increasing its ties to China and its growing interest in unconventional gas.

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 Eni Scaroni. "I believe that if shale gas is found in China, its development will be strong."

Scaroni said that Eni and Sinopec had a series of joint initiatives in the past, but never had never formalized an agreement that would provide for a broad spectrum of possibilities in China and outside China.