Eni, PetroSA Ink Cooperation MOU for S. Africa, Abroad

Eni signed with South Africa's State-owned oil company PetroSA (Petroleum Oil and Gas Corporation of South Africa) a Memorandum of Understanding establishing mutual cooperation between the companies in the country and abroad.

The parties will evaluate the eventual acquisition by either party of participating interests in upstream projects for the development of both conventional and unconventional hydrocarbons. Moreover, the parties will evaluate the opportunity to participate jointly in projects in other African countries.

According to the MoU, Eni could also supply crude oil and refined products to the South African market, which is characterized by a fast-growing demand for such products.

Eni and PetroSA will also evaluate the possibility of leasing the Saldanha storage facility strategically located for the Asian, American and European markets.

Finally, the parties will also study joint initiatives for LNG import and will evaluate the potential for long-term LNG supplies to be provided by Eni to PetroSA for both power generation and GTL in South Africa, together with the possibility for Eni to support the realization of possible new power plants.