Eni signs Memorandum with the Libyan NTC

abarrelfullabarrelfull wrote on 30 Aug 2011 07:14
Tags: eni libya upstream

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Eni and the Libyan National Transitional Council (NTC), which is recognized by Italy and the international community as a legitimate representative of the Libyan people, today signed a Memorandum that strengthens cooperation in Libya between the parties.

Under the terms of the Memorandum, Eni and NTC are committed to creating the conditions for a rapid and complete recovery of Eni's activities in Libya and to doing all that is necessary to restart operations on the Greenstream pipeline, bringing gas from the Libyan coast to Italy.

Furthermore, with reference to the joint declaration signed on May 31, 2011 by the Italian government and NTC, Eni has engaged in providing a first supply of refined petroleum products to NTC to contribute to the basic and most urgent needs of the Libyan population. Eni will also provide technical assistance to assess the state of facilities and energy infrastructure in Libya and to define the type and extent of operations required to safely restart activities.

Eni has been active in Libya since 1959 and is the largest foreign player in terms of hydrocarbon production. The Memorandum signed today represents, in this delicate time for Libya, confirmation of the robust relationship between Eni ans NTC, who are evaluating various possible forms of cooperation in order to ensure the timely resumption of operations in the oil & gas sector and to enhance the country's natural resources to benefit the Libyan people and in respect of the existing contract. Eni also provides NTC with humanitarian aids by supplying medical equipments.

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