MILANO – Eni’s diversification strategy continues, in the geography of partners around the world, in search of alternatives to Russian supplies. And while also today it is confirmed that Gazprom will deliver gas volumes in line with the previous days (about 50% of the usual level) Eni announces the entry into the world’s largest liquefied natural gas (LNG) project in Qatar.
The Italian company was in fact selected by QatarEnergy as a new international partner for the expansion of the progetto North Field East, in the Gulf country. The Minister of State for Energy Affairs, president and CEO of QatarEnergy, Saad Sherida Al-Kaabiand the CEO of Eni, Claudio Descalzihave signed today, during an official ceremony, the partnership agreement for the creation of the new joint venture. QatarEnergy will hold a 75% stake and Eni the remaining 25%.
Gas: agreement with Qatar to replace Russian supplies in Europe
by Luca Pagni
June 12, 2022
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The Nfe project, explains Eni, will allow for an increase Qatar’s LNG export capacity from the current 77 MTPA to 110 MTPA. With an investment of $ 28.75 billion, Nfe should go into production by the end of 2025 and will employ cutting-edge technologies and processes to minimize the overall carbon footprint, including the capture and storage of CO2.
The agreement, which marks the completion of a competitive process that began in 2019, has a duration of 27 years. This is a strategic move for Eni – underlines a note from the company – which strengthens its presence in the Middle East by gaining access to a leading global LNG producer, with natural gas reserves among the largest in the world. This collaboration also represents a significant milestone in the company’s diversification strategy, which expands its portfolio of cleaner and more reliable energy sources.
“We are honored and delighted to have been chosen as a partner in the North Field East expansion project. As newcomers to this globally relevant LNG project, we hear the privilege and responsibility of being a strategic partner of reference for the State of Qatar “, commented Eni’s CEO, Claudio Descalzi, in his speech during the ceremony as part of the new partnership for the North Field East project in Qatar.
“This deal is one significant milestone for Eni and is part of our goal of diversification towards cleaner and more reliable energy sources, in line with our decarbonisation strategy. Eni – he concluded – is ready to work with QatarEnergy on this project to positively contribute to increasing the security of gas supply worldwide “.
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