Yahoo Finance Eni (E), KMG Sign Agreement for 250 MW Renewables-Gas Project
Eni SpA’s E chief executive officer, Claudio Descalzi, and Magzum Mirzagaliyev, chairman of the board of KazMunayGas (“KMG”), signed a joint confirmation agreement for an innovative 250 MW Hybrid Renewables-Gas Project in Zhanaozen City, Mangystau Region, Kazakhstan.
The project aims to provide KMG with facilities in the region with a sustainable and stable supply of low-carbon electricity derived from solar and wind sources, supplemented by additional capacity from a gas power plant. Eni and KMG expressed their commitment to advancing the project to its implementation phase, showcasing the combination of cutting-edge renewable power plants developed by Eni's subsidiary, Plenitude, in collaboration with KMG, along with gas power plants for optimal capacity balancing.
Eni's extensive international industrial expertise will play a crucial role in the success of this venture, with a focus on environmental sustainability and energy transition. The project not only addresses the growing demand for energy but also aligns with the global shift toward cleaner, more sustainable power sources.
In addition to the Hybrid Renewables-Gas Project, Eni inked a memorandum of cooperation with Sovereign Wealth Fund Samruk-Kazyna (“SK”), exploring additional energy transition initiatives. This includes the potential replication of the hybrid renewables model in other regions of Kazakhstan, the assessment of mineral initiatives and the development of carbon emission reduction technologies.
Eni solidified its commitment to sustainable practices through another strategic cooperation agreement with QazaqGaz, the national gas company of Kazakhstan and a portfolio company of SK. The agreement focuses on fostering collaboration among scientific, technical, and research centers to drive innovation and develop human capital in the pursuit of reducing carbon emissions in gas industry operations.
Eni's presence in Kazakhstan dates back to 1992, and the company has been actively involved in various projects, including being a joint operator of the Karachaganak field and participating in projects in the Northern Caspian Sea. Eni's ventures in Kazakhstan's renewables sector are managed through Arm Wind, a Plenitude subsidiary, with an overall installed capacity of 150 MW.
Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP SUN, Oceaneering International, Inc. OII and Enbridge Inc. ENB, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.
Enbridge has an extensive oil and liquid pipeline system that spreads across 17,809 miles. A significant portion of the midstream operator’s earnings is generated from transportation operations, driven by a string of long-term contracts. ENB anticipates substantial cash flows from the recently completed midstream projects.
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