Search DubaiPRNetwork.com

Home >> Energy and Industry

Agreement signed in the presence of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, and Italian Prime Minister, Paolo Gentiloni

Agreement signed in the presence of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, and Italian Prime Minister, Paolo Gentiloni

Monday, March 12, 2018/ Editor -  

Share

Home >> Energy and Industry
  • Mubadala Petroleum signs agreement with Italian company Eni to purchase interest in Shorouk Concession • Mubadala Petroleum acquires 10 percent interest in the Shorouk Concession in Egypt 

 Abu Dhabi, 12 March 2018:  Mubadala Petroleum and Italy’s Eni signed an agreement to purchase a 10 percent stake in the Egyptian Shorouk Concession. The signing ceremony was presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Paolo Gentiloni, Prime Minister of the Republic of Italy. The stake in the offshore Shorouk Concession encompasses the giant Zohr gas field located in the Mediterranean Sea.  

The agreement was signed by HE Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director of Mubadala Investment Company, on behalf of Mubadala Petroleum and Mr Claudio Descalzi, Chief Executive Officer of Eni. The signing ceremony was held in Abu Dhabi, United Arab Emirates.  

The signing ceremony was attended by His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. 
Eni is operator with currently 60 percent interest and other partners in the concession are BP with 10 percent interest and Rosneft with 30 percent interest.  

The completion of the transaction is subject to the satisfaction of certain standard conditions, including receiving approvals from the relevant Egyptian Government authorities. 
 
Musabbeh Al Kaabi, Chief Executive Officer of Petroleum & Petrochemicals, Mubadala Investment Company, and Chairman of Mubadala Petroleum said: “This is an important and attractive investment for Mubadala, adding a world-class asset to our portfolio with long-term cash flows.  We are joining a strong partnership with Eni as operator, who have delivered the project in record time and with the full support of the Egyptian authorities. This is an investment in Egypt in a project that will help meet the country’s growing energy demand while it is reshaping the energy sector and opening new opportunities across the full energy value chain.” 
 
Mr Claudio Descalzi, Chief Executive Officer of Eni, said: “We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession. This represents a further signal about the strength and quality of this world class asset developed by Eni.” 
 
The signing ceremony was attended by HE Sultan bin Saeed Al Mansouri, Minister of Economy, HE Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, HE Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, HE Mohammed bin Ahmad Al Bawardi, Minister of State for Defense Affairs and HE Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and HE Mohamed Mubarak Al Mazrouei, Undersecretary of the Crown Prince Court of Abu Dhabi, HE Saqer Al Raisi, United Arab Emirates Ambassador in Italy, and Lieutenant General, Isa Saif bin Ablan Al Mazrouei, Deputy Chief of Staff of the Armed Forces and a number of officials. 
 
The Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 trillion cubic feet of gas in place. The field is located approximately 190 kilometers north of Port Said in waters approximately 1,500m deep. Production in the first phase of the Zohr gas field commenced in December 2017. 


Previous in Energy and Industry

Next in Energy and Industry


Home >> Energy and Industry Section

Latest Press Release

Dubai Health Authority officials to get leadership training

Etihad airways operates iconic a380 to maldives to celebrate new male runway ope ...

The Ferrari Monza SP1 and SP2 unveiled – the first models in a new concept of li ...

Hyperloop Transportation Technologies, Partners, and Government Stakeholders Mov ...

Maserati is the official car of the 41st Cannes Yachting Festival

Honor Set to Go Beyond Limits With the Launch of Honor 8x

New GUESS Handbags for FW18

Abu Dhabi Takes Top Spot in 2018 Safest Cities in the World Ranking

ENEC Highlights Importance of International Cooperation and Capacity Development ...

BurJuman Arjaan by Rotana, Jumeira Rotana and Villa Rotana Back to School with D ...

Hormann introduces flexible V4015 high-speed door ideal for tight spaces

Free ECG and consultation with specialist cardiologist for UAE residents ahead o ...

Japan's Leading Industrial Company Asahi Yuzikai Launches Middle East Operations ...

Dubai Festival City Mall Celebrates KSA National Day with Special Imagine Show

New retirement visas likely to drive long-term inheritance planning for UAE expa ...

Dubai to host 13th IAMRA conference in 2018

Malaysia Eyes Dubai to Explore Markets in the MENA Region

KidZone launches a new daycare with ‘under the sea' theme in Ras Al Khaimah

Huawei becomes one of the first multi-national technology companies to register ...

Pamper yourself at Perfumery & Co this month, at The Dubai Mall