Abu Dhabi sovereign fund ADQ signed a Memorandum of Understanding (MoU) with Eni, a Rome-based global energy tech company, to explore collaboration to strengthen supply chains for critical minerals essential to driving the energy transition.
The collaboration will prioritise potential investments in key regions such as Africa, North America, and Central Asia.
Driving energy transition together
The two companies will pursue opportunities and explore synergies across the entire critical and strategic minerals value chain – from mining to refining, processing, and downstream applications – in these regions.
Additionally, the agreement envisages assessing the feasibility of establishing refining and processing facilities in the UAE as well as in Italy and other strategic hubs.
Hamad Al Hammadi, Deputy Group Chief Executive Officer of ADQ, said as the world transitions to cleaner energy solutions, safeguarding a stable and resilient supply of critical minerals is essential for enabling the development and deployment of technologies that drive this fundamental change.
“Through our MoU with Eni, we aim to combine our expertise and capabilities to develop high-impact projects across the entire value chain that ensure the availability and affordability of these critical resources,” he said.
Al Hammadi said the agreement underscores the Fund’s commitment to forging partnerships that drive long-term, transformative value for our portfolio companies as well as for the broader economies they operate in.
Claudio Descalzi, Chief Executive Officer of Eni S.p.A, said the agreement is part of the company’s partnership with the UAE, and a testament to its shared commitment to a sustainable energy future, leveraging innovation and collaboration across key sectors.
“Together with leading UAE companies, we will develop initiatives in areas that are essential to the energy transition,” he said.
The International Energy Agency projects that the consumption of critical minerals could increase six-fold by 2050, driven by the growing adoption of clean energy technologies, including electric vehicles, wind turbines, solar panels, and energy storage systems.
These industries rely heavily on minerals such as lithium, cobalt, nickel, and rare earth elements for their production.
Operating in 62 countries, Eni is an integrated energy company seeking to play a key role in ensuring energy security and leading the energy transition.
The MoU with Eni complements ADQ’s existing investments in the sector, including Orion Abu Dhabi, a recently established 50-50 joint venture with Orion Resource Partners, a global investment firm specialising in the metals and materials critical to sustainable economic growth and the energy transition.
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