MOSCOW (MRC) -- Claudio Descalzi, Eni Chief Executive Officer, and his Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, signed a Memorandum of Understanding (MoU) which outlines a framework of cooperation for future joint projects on energy transition, sustainability and decarbonization, said Hydrocarbonprocessing.
The MoU was signed in the presence of the President of the Council of Ministers, Giorgia Meloni, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.
Through this agreement, Eni and ADNOC will explore potential opportunities in the areas of renewable energy, blue and green hydrogen, carbon dioxide capture and storage (CCS), in the reduction of greenhouse gas and methane gas emissions, energy efficiency, routine gas flaring reduction and the Global Methane Pledge, to support global energy security and a sustainable energy transition. In addition, they will evaluate areas of cooperation for sustainable development and promoting the spread of a culture of sustainability within the energy industry and its stakeholders.
Eni CEO Claudio Descalzi commented: “This agreement leverages the strategic relationship that Eni and ADNOC developed over the years, to strengthen our cooperation for decarbonization and for a just energy transition. It comes at a crucial time, in a difficult international juncture and in view of the upcoming COP28, where the UAE, as hosting country, are expected to set out their vision for a clean energy transition agenda."
Eni has been present in Abu Dhabi since 2018. With significant capital projects portfolio in UAE, Eni is one of the main international companies in the country.
We remind, Eni S.p.A. reported its fourth-quarter and full-year earnings results, revealing its net profit annually tumbled 84% to EUR550 million, or diluted earnings per share of EUR0.97. The company's adjusted operating profit remained mostly unchanged in the same period at EUR3.8 billion. In 2022, both Eni's net and operating profit more than doubled versus a year earlier to reach record EUR13.81 billion and EUR20.39 billion, respectively.