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Monday, August 29, 2011

Eni Signs Libya Agreement, Paving Way to Restart Of Operations

- Eni Signs Libya Agreement, Paving Way to Restart Of Operations

Monday, August 29, 2011
Dow Jones Newswires
by Giada Zampano

Italy's energy giant Eni said Monday it signed a memorandum with the Libyan National Transitional Council, or NTC, that strengthens co-operation in the country and paves the way to the restart of Eni's oil and gas operations there.

Under the terms of the agreement Eni and NTC 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" that brings gas from Libya to Italy.

Following previous pledges by the Italian government, Eni will provide a first supply of refined petroleum products to the transitional government, 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 the activities.

Eni, which is the largest foreign player in Libya, has been active in the country since 1959.

Monday, the Italian company said it is evaluating with NTC "various possible forms of co-operation in order to ensure the timely resumption of operations in the oil and gas sector and to enhance the country's natural resources to benefit the Libyan people and in respect of the existing contract."

Copyright (c) 2011 Dow Jones & Company, Inc.

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