ROME, Oct. 23 (Xinhua) -- Italy's energy giant Eni signed a contract with Qatar for the delivery of up to 1.5 billion cubic meters of liquefied natural gas (LNG) per year for 27 years, the company said in a statement on Monday.
The long-term deal was struck with state-owned company QatarEnergy, with supplies coming from the North Field East (NFE) project in the Gulf state.
"The available volumes will be delivered at the receiving terminal 'FSRU Italia' currently located in Piombino, Italy, with expected deliveries starting from 2026," Eni said.
The FSRU terminal is a floating storage and regasification station lying some 22 km off the Italy's coasts. Its role is to transform the LNG back into its normal gaseous state.
The new contract would "contribute to Italy's security of supply through the diversification of its supply sources," the company noted.
"The participation in the NFE project and the LNG contract are in line with Eni's transition strategy, which aims to progressively increase the role of gas in Eni's upstream production, reaching 60 percent by 2030," it said.
The announcement came a few days after a similar deal was struck between Qatar and the Netherlands for a 27-year-long supply contract.
Eni is a global energy company based in Rome, Italy. It is active in 69 countries. The Italian state is the major stakeholder with a 32 percent share through the Economy and Finance Ministry and the Italian development bank Cassa Depositi e Prestiti (CDP). ■