Eni to Pump Investments into Egypt worth $7.7 Bln over 4 years

Claudio Descalzi, CEO of the Italian company Eni said that the energy giant and its partners intend to make new investments in Egypt, during the next four years at a value of $7.7 billion.

This came during his meeting with President Abdel Fattah El-Sisi, in the presence of Engineer Tarek El-Molla, Minister of Petroleum and Mineral Resources.

Ahmed Fahmy, the official spokesman for the Presidency said in a statement that the President appreciated during the meeting the distinguished extended partnership with Eni, and the various activities the company carries out in Egypt expressed his aspiration to continue fruitful cooperation between Egypt and the company in the fields of research, exploration, development and production, with the aim of achieving optimal exploitation of Egypt’s resources from the energy sector.

On his part, the President of Eni stressed the great importance that Egypt represents as one of the most important markets for the company’s activity and work worldwide, in light of the promising opportunities enjoyed by the energy sector in the country.

In this context, Descalzi reviewed the developments in the activities carried out by the Italian company in Egypt, indicating that Eni and its partners intend to make new investments in Egypt, during the next four years at a value of $7.7 billion, as part of the company’s keenness to strengthen its successful projects in Egypt.

The president of the Italian company also reviewed the upcoming research and exploration plans that the company will undertake, and the development operations activities that will enable Eni to maintain large production rates from the fields. He also pointed to the progress achieved in energy efficiency and sustainability projects related to the energy transition, in accordance with the memorandum of understanding that It was signed in March 2023.