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Eni signs Memorandum of Understanding with Qatar Petroleum

Source: www.gulfoilandgas.com 4/20/2008, Location: Middle East

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Eni signed a Memorandum of Understanding with Qatar Petroleum International (QPI), a wholly owned subsidiary of Qatar Petroleum (QP), to seek joint investment opportunities in international projects in the exploration and production sector. The MoU was signed on behalf of QPI by H.E. Abdullah Bin Hamad Al-Attiyah, Qatar's Deputy Premier and Minister of Energy and Industry, and by Eni CEO Paolo Scaroni.

"Today's signature marks another milestone in Qatar Petroleum's realizing our ambition of becoming a leading global energy company, a goal that depends on the development of key projects in Africa and the Mediterranean area through the cooperation with leading partners. This agreement with Eni offers new perspectives of investment, as Italy is one of the most important partner countries of the State of Qatar", Minister Al-Attiya said.

According to the MoU, both parties will pursue opportunities of mutual interest in order to exploit new or existing resources of natural gas and crude oil. The MoU also envisages the development of joint projects in the petrochemical industry and power generation.

The signature of the MoU with QPI for a long-term partnership is consistent with Eni's strategy to re-enter in Qatar. The company has also opened a Representative Office in Qatar in order to foster its relationship with Qatari authorities and companies and promote a strong team work climate.

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