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Eni Partners With PETRONAS to Explore New Bio-Gasoline Production
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Key Takeaways
Eni and PETRONAS will study a high-performance renewable bio-gasoline fuel for motorsports.
The project will test the fuel's technical feasibility, sustainability and motorsport performance.
Successful development could support commercial gasoline products and expand biofuels collaboration.
Eni S.p.A. (E - Free Report) , an Italian integrated energy company, has recently inked an agreement with the Malaysian multinational energy firm PETRONAS during the Formula 1 Italian Grand Prix to analyze the feasibility of developing a new high-performance bio-gasoline fuel for motorsports. The companies want to evaluate the production of this renewable fuel using Eni’s proprietary Ecofining technology, which it has been using since 2014 to produce hydrogenated vegetable oils (HVO) biofuels made from renewable raw materials.
Eni, PETRONAS Assess New Fuel for Motorsports
Through this agreement, Eni and PETRONAS plan to assess whether the new bio-gasoline fuel is technically feasible and sustainable, and test its performance to determine if it can be used in motorsport competition. The fuel’s performance and feasibility are important factors to consider in motorsport racing. In addition, the technology, if successfully developed, could eventually be adapted to produce commercial gasoline products.
The agreement will combine the two companies’ expertise in different areas to develop the new, innovative bio-gasoline fuel. Eni will bring its extensive experience and knowledge in the development of sustainable energy solutions. In addition, E will offer its experience in biofuel production from renewable materials, including commercial renewable fuels like HVO diesel. Eni’s knowledge in the development of new bio-gasoline fuels will also contribute to this study.
PETRONAS will share its broad-based knowledge and expertise in fuel technology, which ranges from traditional fossil fuels to high-performance sustainable fuels used in combustion engines. The Malaysian energy firm will also offer its experience in the development of sustainable energy solutions for the project.
Agreement Deepens Eni-PETRONAS Collaboration
The agreement strengthens the relationship between the two companies and further deepens their collaboration. Previously, the companies had established a 50-50 joint venture to integrate key business operations in Indonesia and Malaysia. The new agreement will allow the companies to expand their operations in the biofuels segment and enhance their contribution to sustainable energy solutions.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in the refining and marketing of oil products and gas, as well as marketing and sales.
View the Zacks #1 Rank List
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Eni Partners With PETRONAS to Explore New Bio-Gasoline Production
Key Takeaways
Eni S.p.A. (E - Free Report) , an Italian integrated energy company, has recently inked an agreement with the Malaysian multinational energy firm PETRONAS during the Formula 1 Italian Grand Prix to analyze the feasibility of developing a new high-performance bio-gasoline fuel for motorsports. The companies want to evaluate the production of this renewable fuel using Eni’s proprietary Ecofining technology, which it has been using since 2014 to produce hydrogenated vegetable oils (HVO) biofuels made from renewable raw materials.
Eni, PETRONAS Assess New Fuel for Motorsports
Through this agreement, Eni and PETRONAS plan to assess whether the new bio-gasoline fuel is technically feasible and sustainable, and test its performance to determine if it can be used in motorsport competition. The fuel’s performance and feasibility are important factors to consider in motorsport racing. In addition, the technology, if successfully developed, could eventually be adapted to produce commercial gasoline products.
The agreement will combine the two companies’ expertise in different areas to develop the new, innovative bio-gasoline fuel. Eni will bring its extensive experience and knowledge in the development of sustainable energy solutions. In addition, E will offer its experience in biofuel production from renewable materials, including commercial renewable fuels like HVO diesel. Eni’s knowledge in the development of new bio-gasoline fuels will also contribute to this study.
PETRONAS will share its broad-based knowledge and expertise in fuel technology, which ranges from traditional fossil fuels to high-performance sustainable fuels used in combustion engines. The Malaysian energy firm will also offer its experience in the development of sustainable energy solutions for the project.
Agreement Deepens Eni-PETRONAS Collaboration
The agreement strengthens the relationship between the two companies and further deepens their collaboration. Previously, the companies had established a 50-50 joint venture to integrate key business operations in Indonesia and Malaysia. The new agreement will allow the companies to expand their operations in the biofuels segment and enhance their contribution to sustainable energy solutions.
E’s Zacks Rank & Other Key Picks
E currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Valero Energy (VLO - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While Par Pacific and Valero sport a Zacks Rank #1 each, Galp Energia carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in the refining and marketing of oil products and gas, as well as marketing and sales.