Eni, QP: Memorandum of Understanding

Italian multinational oil and gas company, 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.

Eni CEO Paolo Scaroni said that Eni was 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 Eni.

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.