Eni enters world's largest LNG project in Qatar

Qatar Energy said it has selected Eni as its new international partner for the North Field East (NFE) expansion project.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Energy, and Claudio Descalzi, CEO of Eni Group, on Sunday A cooperation agreement for the new joint venture was signed at the official ceremony.

Qatar Energy will hold a 75 percent stake, while Eni will hold the remaining 25 percent, the company said.

The joint venture will hold a 12.5% interest in the entire NFE project, including four large-scale LNG trains with a combined annual capacity of 32 million tonnes.

The NFE project will increase Qatar's LNG export capacity from the current 77 million tons per year to 110 million tons per year. Eni has announced that the $28.75 billion NFE project, which is expected to be commissioned by the end of 2025, will use state-of-the-art technology to minimize carbon emissions, including carbon capture and storage.

The agreement marks the completion of a competitive process that began in 2019 and will last 27 years.

The deal is seen as a strategic move by Eni to expand its presence in the Middle East, while gaining control of the world's leading LNG producer and retaining some of the world's largest natural gas reserves.