(Alliance News) - Eni Spa announced Wednesday that the CEO, Claudio Descalzi, and Sonangol's chairman of the board, Sebastião Pai Querido Gaspar Martins, signed a memorandum of understanding in Rome to further expand the areas of cooperation between the two companies.

The expansion of the partnership will be through studies in the agribusiness value chain and other areas of decarbonization, including minerals for energy transition and ecosystem innovation.

Under the terms of the memorandum, Eni and Sonangol will jointly identify and evaluate opportunities in the area of energy transition, including agribusiness value chains for the production of lower-carbon fuels, valorization of residual biomass, and green ammonia for agribusiness applications. In addition, the two companies will evaluate opportunities in agribusiness, with studies to promote synergies between domestic agricultural supply chains and bioenergy, with a focus on improved seeds and biotechnology, mechanization, fertilizer and logistics services.

Other areas of collaboration may include minerals for energy transition, such as those used in battery and renewable energy production, and lecosistema dellinnovazione, which includes capacity building activities, evaluation and development of innovative technologies and digital solutions in the energy transition and agribusiness sectors, including through support for start-ups and small and medium-sized enterprises.

"The memorandum builds on the progress made as a result of the protocol signed by Eni, Sonangol and theAngola National Oil, Gas and Biofuels Agency-ANPG in October 2021 to identify opportunities for cooperation in the country in the agri-feedstock and circular economy sectors," Eni explained.

"The memorandum is in line with Sonangol's vision of decarbonization through investment on energy projects from cleaner sources, and with Eni's strategy to play a leading role in the decarbonization process by promoting greater use of renewable energy sources, other energy carriers and low-carbon technologies, in accordance with the provisions of the Paris Agreement on Climate Change and the United Nations Sustainable Development Goals."

Eni's stock closed slightly higher Wednesday at EUR13.37 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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