Saudi Ministry of Investment (MISA) and Italian energy major Eni have signed a Memorandum of Understanding aimed at promoting cooperation between Eni, Saudi institutions and companies in the field of sustainable development and speciality conversion chemicals.

The agreement concerns the study of joint development of initiatives around sustainable mobility and circular economy.

The agreement was signed by the Saudi Arabia’s Minister of Investment Khalid Al-Falih and the CEO of Eni, Claudio Descalzi.

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In this occasion, Descalzi presented the company's decarbonization strategy with a special focus on the many industrial initiatives and the energy technology transition while Al-Falih shared outlooks of the Kingdom vision 2030 and Saudi National Investment Strategy.

The two parties shared views about the role of Saudi Arabia based on current energy market challenges.

Eni has been operating in the refining and chemicals sector in Kingdom since 1984 through its subsidiary Ecofuel.

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