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ENI and Sonatrach to Jointly Develop Solar Projects

By Nathan Allen Dow Jones Newswires

Italy's ENI SpA (ENI.MI) said Monday that it has signed a memorandum of understanding with Algeria's state-owned oil producer Sonatrach (SON.YY) to jointly develop solar-energy sites.

The agreement lays out a framework for identifying areas within Sonatrach's existing production sites to build solar projects, ENI said in a press release.

The agreement also covers a process for jointly undertaking feasibility studies and developing a business model to run the plants, ENI added.

"Sonatrach wants to strengthen its partnership with ENI also in the upstream, petrochemicals, R&D and marketing sectors," said Sonatrach's Chairman and General Director Ould Kaddour.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

December 18, 2017 10:58 ET (15:58 GMT)