(Alliance News) - Eni Spa reported Monday that the President of the Arab Republic of Egypt, Abdel Fattah El-Sisi, and Eni's CEO Claudio Descalzi met in Cairo to further explore areas of common interest and collaboration.

The company added that a Memorandum of Intent was signed to collaborate on emission reduction technologies, including gas flaring and gas enhancement, between the Egyptian Natural Gas Holding Company represented by Chairman Magdy Galal, and Eni, represented by COO Natural Resources Guido Brusco. The signing took place in the presence of Oil Minister Tarek El Molla and Eni's CEO.

Based on this MoI, "the companies will conduct joint studies to identify opportunities to reduce greenhouse gas emissions in the oil and gas sector in Egypt, generating a plan of initiatives that will lead to further gas enhancement," the press note reads.

Eni on Monday closed 0.7 percent in the red at EUR14.33 per share.

By Claudia Cavaliere, Alliance News reporter

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