Eni has signed a strategic cooperation agreement with the Chinese group Sinopec, one of the most important national oil companies in the world. The document, in terms of a memorandum of understanding, "concerns a wide range of possible business opportunities - reads a note from the Italian group - for the benefit of both parties, both in China and internationally".
The agreement represents for Eni "a further step forward in the strategy of strengthening its presence in the Asia-Pacific region, an extremely promising area for significant upstream opportunities and favorable market conditions". The Italian company has been present in China since 1980 and through its subsidiary Eni China Bv operates in the joint venture of the Cact consortium (together with Cnooc and Chevron) in the South China Sea, with a daily equity production of approximately 10 barrels of oil equivalent. Eni China is also engaged in an exploration campaign in the offshore of southern China.
