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Tuesday, January 17, 2023
Coinciding with Eni CEO Claudio Descalzi’s visit to Cairo to meet with Egyptian President Abdel Fattah El-Sisi, representatives of the Egyptian Natural Gas Holding Company (EGAS) and Eni signed a Memorandum of Intent (MoI) to collaborate on emission reduction technologies, including gas flaring reduction and gas valorization.
Based on the MoI, the companies will jointly conduct studies to identify opportunities to reduce GHG emissions in the oil and gas sector in Egypt, generating a master plan of initiatives leading to additional gas valorization.
Meanwhile, El Sisi and Descalzi met to follow up on areas of common interest and collaboration. The main topics discussed were Eni’s current and future activities in Egypt, with a focus on Eni’s ongoing exploration campaign, whose preliminary results are positive, showing the potential to increase export quickly, leveraging the spare capacity available at Eni’s assets on the Mediterranean coast.
The parties also discussed Eni’s ongoing and future plans for the energy transition and decarbonization of the Egyptian energy sector, including initiatives to substitute gas with renewable energy in assets, circular economy projects, CCS plants, production of agro-feedstock for biorefining, and others.
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