Italian chemical firm Eni expects to tie up with Saudi Arabia mainly in the field of sustainable development around the country, after Saudi Arabia’s Minister of Investment, Khalid Al-Falih, recently met CEO of Eni, Claudio Descalzi.
During the meeting, Descalzi presented the company’s decarbonisation strategy with a special focus on the many industrial initiatives and technologies supporting the energy technology transition while Khalid shared outlooks of Saudi Arabia’s vision 2030 and Saudi National Investment Strategy (NIS).
The two parties shared views about the role of Saudi Arabia based on current energy market challenges. During the meeting, Eni and the Saudi Ministry of Investment (MISA) signed a memorandum of understanding aimed at promoting cooperation between Eni, Saudi institutions and companies mainly in the field of sustainable development around the country, and speciality conversion chemicals.
The memorandum concerns cooperation areas such as the study of joint development of initiatives around sustainable mobility, circular economy and the chemicals industry.
Eni has been operating in the refining and chemicals sector in Saudi Arabia since 1984 through its subsidiary Ecofuel.