ROME: Saudi Arabia and Italian energy company Eni have signed a memorandum of understanding, mainly in the field of sustainable development in the energy sector.
The agreement was signed by Saudi Investment Minister Khalid Al-Falih and Eni CEO Claudio Descalzi on the sidelines of the Forum Ambrosetti, an annual international economic conference held in Italy.
Since its inception in 1975, the forum has brought together heads of state, ministers, Nobel laureates and top businesspeople from all over the world to discuss challenges to the world’s economies and societies.
Descalzi presented to Al-Falih Eni’s de-carbonization strategy, with a special focus on industrial initiatives and technologies supporting energy transition.
Al-Falih shared with Descalzi outlooks for Saudi Arabia’s Vision 2030 and National Investment Strategy.
In a statement, Eni said the two sides “shared views about the role of Saudi Arabia based on current energy market challenges.”
The MoU aims to promote cooperation between Eni and Saudi institutions and companies, mainly in the field of sustainable development.
Areas of cooperation include the study of joint development of initiatives around sustainable mobility, the circular economy and the chemicals industry.
Eni has been operating in the refining and chemicals sector in the Kingdom since 1984 through its subsidiary Ecofuel.
