Eni SpA (E), an integrated energy company, signed an agreement with RINA, an international company that specializes in inspection, certification and engineering consultancy. Under the contract, Eni and RINA will work in coordination to create projects that will help decarbonize their respective operations, notably marine transport.
The agreement specifically addresses the use of Eni's hydrogenated vegetable oil biofuel in the naval sector. It also focuses on other energy carriers like blue or green hydrogen and ammonia derived from biogenic, renewable or waste raw materials that don't compete with the food chain.
The partnership involves developing initiatives for the logistics and value chain of new energy carriers. It also entails the use of certified methods for the taxonometric computation of the benefits generated from emissions.
In order to further support the naval sector’s sustainability goals, Eni and RINA will consider conducting experiments and pilot projects pertaining to the onboard capture of CO2 emissions.
According to Giuseppe Ricci, chief operating officer for energy evolution at Eni, both Eni and RINA have a wealth of knowledge and technological prowess that could significantly help decarbonize marine transportation.
Due to the aforementioned agreement, Eni will have the chance to research and develop decarbonization solutions over the short, medium and long terms. This will help improve the sustainability of marine transportation and address ship-owners' and logistics operators' demands.
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Sunoco LP SUN, Murphy USA Inc. MUSA and RGC Resources Inc. RGCO. While Sunoco sports a Zacks Rank #1 (Strong Buy), both Murphy USA and RGC Resources carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco, a distributor of motor fuel to approximately 10,000 convenience stores, has a stable business model with sustainable and predictable cash flows. For this year, SUN has witnessed an upward earnings estimate revision in the past seven days.
Murphy USA, a leading retailer of gasoline, operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. MUSA, with more than 1,700 stores, has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas. For this year, the company has witnessed an upward earnings estimate revision in the past 30 days.
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