(Alliance News) - The CEO of Eni Spa, Claudio Descalzi, and the chairman of the board of KazMunayGas - KMG, Magzum Mirzagaliyev, signed an agreement on Thursday in Rome regarding the innovative 250 MW gas-renewable hybrid power plant project in the city of Zhanaozen, Mangystau region, Kazakhstan.

The signing took place during the official visit of the President of the Republic of Kazakhstan, Kassym Jomart Tokayev, to Italy.

Eni and KMG confirmed their readiness to proceed with the implementation phase of the project, which will provide KMG plants with stable, low-carbon electricity generated from solar and wind power, and will be balanced with additional capacity from a gas-fired power plant.

The project leverages Eni's international industrial expertise and paves the way for the hybrid combination of state-of-the-art renewable power plants, developed by Eni subsidiary Plenitude in collaboration with KMG, and gas-fired power plants with balancing function.

Eni also signed a Memorandum of Cooperation with the Samruk-Kazyna Sovereign Fund-SK on further projects in the area of energy transition, including the potential replication of the gas-renewable hybrid power plant model in other regions of Kazakhstan, as well as the evaluation of minerals initiatives and the development of other technologies for reducing carbon emissions.

Finally, Eni signed a strategic cooperation agreement with Kazakhstan's national gas company, QazaqGaz-a company in SK's portfolio-focused on the exchange of experience between scientific, technical, and research centers to develop technological innovations and train human capital, with the goal of reducing carbon emissions in gas industry operations.

Eni has been present in Kazakhstan since 1992, where it is joint operator of the Karachaganak field and equity partner in several projects in the North Caspian Sea, including the offshore Kashagan field. Eni is also joint operator, with KMG, in the Abay exploration block. Eni operates in the renewables sector in Kazakhstan through Arm Wind, a subsidiary of Plenitude, with a total installed capacity of 150 MW.

Eni's stock is down 0.2 percent at EUR14.57 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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