Egypt Today: The Italian energy group Eni plans to inject an additional $8 billion in investment into the Egyptian market over the next five years, the company’s CEO Claudio Descalzi told President Abdel Fattah El-Sisi during a meeting in Cairo on Tuesday.
Descalzi said the investments, to be made in cooperation with the company’s partners, will focus on developing existing fields and carrying out further exploration work, the Presidency said in a statement.
El-Sisi expressed appreciation for the cooperation between Egypt and Eni, with the company contributing about 40% of Egypt’s natural gas production.
The president also lauded the company’s social role in supporting development projects in the country.
The Eni chief reaffirmed the company’s commitment to expanding its role as one of Egypt’s largest energy operators, citing strong opportunities in both domestic production and exports.
Descalzi noted Egypt’s efforts to facilitate investors’ operations, the statement read.
The meeting reviewed the progress of Eni’s projects in Egypt and its future plans for gas exploration and production. Officials also discussed Eni’s interest in investing in other sectors such as mining.
Additionally, they reviewed ongoing work to link Cyprus’ Cronos gas field to Egypt’s infrastructure, bolstering Egypt’s position as a regional hub for energy and for gas trading.
El-Sisi stressed the importance of continuing the partnership with Eni and expanding exploration and production activities to ensure optimal use of Egypt’s natural resources.
The statement reaffirmed Egypt’s commitment to settling dues owed to foreign partners, which is essential for supporting expanded production and exploration efforts.
Italian energy company Eni is a leading operator in Egypt’s oil and gas sector. Notably, the company discovered Egypt's giant gas field Zohr, the largest natural gas discovery in the Mediterranean.
https://www.egypttoday.com/Article/3/143697/Eni-plans-8-billion-in-new-investments-in-Egypt-over
