Eni Acquires Stake in Angola LNG Project

Eni, through its fully owned subsidiary Eni Angola Exploration, has acquired from Sonangol Gas Natural a participation stake of 13.6% in the Angola LNG Limited consortium.

The consortium is responsible for the construction of a liquefaction plant in Soyo, 350 kilometers north of Luanda, with a yearly capacity of 5.2 million metric tons of LNG. The LNG will be directed to the US market and will be delivered to the re-gasification plant of Pascagoula in the Gulf of Mexico.

The company said that the Angola LNG project has a high environmental value, since it allows the collection of the associated gas from the offshore blocks in compliance with the existing zero flaring policy.

Angola LNG is the first gas project in Angola, where the full gas potential remains unexplored. The involvement of Eni in the Angola LNG consortium is part of the strategic cooperation established between Sonangol and Eni, signed in December 2006 and aiming at the development of gas resources.

The other members of the consortium are Sonagas (with a 22.8% stake), Chevron (36.4%), Total (13.6%) and BP (13.6%).