The Saudi Ministry of Investment (MISA) and Italian energy major Eni have signed an agreement aimed at promoting cooperation between Eni, Saudi institutions and companies mainly in the field of sustainable development around the country, and speciality conversion chemicals, said the company.
The memorandum of understanding (MoU) concerns cooperation areas such as the study of joint development of initiatives around sustainable mobility, circular economy and the chemicals industry. The agreement came about as the Saudi Arabia’s Minister of Investment Khalid Al-Falih met the CEO of Eni, Claudio Descalzi.
During the meeting, Descalzi presented the company's decarbonization strategy with a special focus on the many industrial initiatives and technologies supporting the energy technology transition. Al-Falih shared outlooks of the Kingdom vision 2030 and Saudi National Investment Strategy (NIS).
The two parties shared views about the role of Saudi Arabia based on current energy market challenges. Eni has been operating in the refining and chemicals sector in Kingdom since 1984 through its subsidiary Ecofuel.
We remind, Eni informs that it has acquired the company Export LNG Ltd, which owns the Tango FLNG floating liquefaction facility, from Exmar group. The facility will be used by Eni in the Republic of Congo, as part of the activities of the natural gas development project in the Marine XII block, in line with Eni's strategy to leverage gas equity resources. The Tango FLNG, built in 2017, has a treatment capacity of approximately 3 million standard cubic meters/day and an LNG production capacity of approximately 0.6 million tons per year (about 1 billion standard cubic meters/year). The acquisition of this facility allows the development of a fast-track model capable of seizing the opportunities of the LNG market. In addition, the high flexibility and mobility characteristics of the Tango FLNG will favour the development and enhancement of Eni's equity gas by accelerating production start-up time.
mrchub.com