With this agreement, Eni is strengthening its presence in Bahrain, in line with its strategy of diversifying its exploration portfolio on basins with liquid hydrocarbon potential, as this region of the Middle East believes. In the Middle East, Eni is already present in the United Arab Emirates, Iraq, Oman and Lebanon. “The renewed agreement is a model for all and the result of an ongoing dialogue between trade unions and businesses, based on common values and principles on human and workers` rights.” The agreement is of priority importance to all parties involved and resolves all outstanding disputes. In particular, Egypt continues on the path of valuing the important energy resources developed by Eni in the country and is reactivating a strategic asset for the country, while Eni is completing a major reorganization of its portfolio of activities in the Mediterranean basin. The final agreement, which follows the agreements signed on 27 February 2014, implies the end of the arbitration previously initiated by Eni. During the three years of the previous agreement, Eni and Fincantieri collaborated on the development of several concepts of floating offshore production platforms with a modular and reversible approach with a Fincantieri patent, a Floating Gas to Methanol with Eni technology and a Floating Independent Power Plant (FIPP). “The agreement with Statoil, which is particularly important in light of recent international political developments, is part of Eni`s efforts to renegotiate all long-term third-party gas supply contracts to achieve a competitive portfolio by January 1, 2016,” Eni said. An Eni official, who refused to be identified in accordance with company policy and confirmed that the reference to the situation was in Ukraine, declined to comment on the details of the agreement. “The ENI`s comprehensive agreement confirms the Italian multinational`s commitment to meeting the standards set by the ILO. Great progress has been made and many improvements have been added.
Eni has signed a final agreement with Statoil regarding the revision of the terms of a long-term gas contract, the Italian company said in a statement. The agreement means the end of Eni`s arbitration proceedings, the company said. The agreement refers to the strategic cooperation agreement signed on 25 April 2012 between the two companies, among which Eni and Rosneft have created joint ventures (Eni 33.33%, Rosneft 66.67%) for the joint development of Fedynsky and Tsentralno-Barentsevsky licenses in the Russian offshore Barents Sea, and zapadno-Cernomorsky license in the Russian Offshore Black Sea. The agreements provide for an amicable settlement of the ongoing disputes between Union Fenosa Gas and SEGAS with EGAS and ARE, as well as the subsequent restructuring of Union Fenosa Gas, whose assets will be divided between Eni and Naturgy shareholders. Claudio Descalzi, CEO of Eni, said: “Thanks to the synergies developed, Fincantieri and Eni will provide concrete support for the country`s sustainable development. This agreement fits perfectly into the long-term strategy we have developed. To build the new Eni, which we have combined with economic and environmental sustainability, we are working towards a fair transition by providing energy cost-effectively, while achieving a significant reduction in the carbon footprint. Natural gas, a fossil fuel source with the lowest carbon footprint, will be an increasingly important element in Eni`s production mix in the coming years: 60% in 2025 and 85% in 2050. Fincantieri is a strategic partner with which we continue to explore and develop innovative technologies and systems. Cairo, February 27, 2020 – Eni today signed a series of agreements with the Arab Republic of Egypt (ARE), the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS) and the Spanish company Naturgy, which paved the way for the restart of the Damietta liquefaction plant in Egypt by June 2020.
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