Eni SpA (ENI.MI) said on Monday that it has signed a contract with natural gas infrastructure provider Snam SpA (SRG.MI) to jointly develop a network of methane gas stations around Italy.
The Italian oil-and-gas major said the 20-year contract lays out plans for Snam to build and maintain an initial batch of 14 low-emission gas plants within Eni's existing network of service stations.
Eni said it would pay Snam between 20 million euros ($23.8 million) and EUR40 million for its services.
The agreement forms part of Snam's broader strategy to invest EUR150 million by 2021 to roll out 300 compressed natural gas stations around the country.
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(END) Dow Jones Newswires
December 04, 2017 10:07 ET (15:07 GMT)