Eni has been active in the region since the 1950s thanks to the initiative of Enrico Mattei, who was able to create fair and lasting partnerships with producer countries. In recent years we have increased our presence in this area, which has become a strategic hub for our operations. Historically a global leader in hydrocarbon production, with half of proven global reserves, the Middle East is now seeking to establish itself as a global laboratory for new strategies and technologies, rethinking the use of traditional sources and exploiting the potential of renewables. The volatility of the price of hydrocarbons and the more recent international geopolitical tensions, have heightened the need for producer countries to defend their independence and diversify their economies. In addition to the need to reduce dependence on the hydrocarbon sector, the countries in the area must deal with other important challenges such as the overall redefinition of development models towards greater economic and environmental sustainability, and the interaction between public and private sectors, so as to combine economic growth and green technological innovation while reviewing the social contract, which is still too closely linked to the redistribution of oil revenues. Along with the leaderships in these countries, we are leaning into the future of energy, and following our distinctive model of technological excellence and cooperation with partner countries we are committed to energy diversification, the reduction of emissions and the enhancement of the circular economy, supporting global energy security and achieving a fair energy transition.
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