Eni enters 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 North field east (Nfe) project in the Gulf country. The Six-Legged Dog makes it known in a note.
The signing of the agreement
The Minister of State for Energy Affairs, President and CEO of QatarEnergy, Saad Sherida Al–Kaabiand Eni’s CEO, Claudio Descalzisigned today, June 19, during an official ceremony, the partnership agreement for the creation of the new joint venture.
The North field east project
The project Nfe, Eni explains, it will make it possible to increase Qatar’s LNG export capacity from the current 77 Mtpa to 110 Mtpa. With an investment of $ 28.75 billion, NFE is expected to go into production by the end of 2025 and will employ state-of-the-art technologies and processes to minimize the overall carbon footprint, including CO2 capture and storage.
The agreement marks the completion of a competitive process that began in 2019 and has a duration of 27 years. This is a strategic move for Eni – underlines the note -, 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.
The Agreement is a milestone for diversification
“We are honored and pleased – said Eni CEO Claudio Descalzi in his speech during the ceremony as part of the new partnership – to have been chosen as a partner in the expansion project North field east. As newcomers to this LNG project of global significance, we feel the privilege and responsibility of being a strategic partner of reference for the State of Qatar “.