Eni returns to Qatar following new accord
Posted: 28 April 2008
 Send this article
 Print this article
Italian energy major Eni has 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.
 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.
Eni CEO Paolo Scaroni told a press conference in Rome that the company was also bidding for four exploration blocks offshore Qatar, which is expected to be finalised in May.
The MoU also envisages the development of joint projects in the petrochemical industry and power generation.
“Eni is pleased to cooperate with Qatar Petroleum International on new initiatives. The development of a strong and stable relationship with Qatar, which holds the world's third largest gas reserves and plays a leading role in the LNG market, is really important to us,” said Paolo Scaroni, Eni CEO.
The signature of the MoU with QPI for a long-term partnership is consistent with Eni's strategy to re-enter in Qatar. Eni operated in Qatar since 1967 but moved out of the country in 2002 as part of a revision of its asset portfolio.
“Abandoning the country was one of our major mistakes,” Scaroni said. Now, the company opened a Representative Office in Qatar in order to foster its relationship with Qatari authorities and companies and promote a strong team work climate.
“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. “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.” |
