Italian energy company Eni invests an additional $8 billion in Egypt's gas sector

President Abdel Fattah El-Sisi received Claudio Descalzi, CEO of the Italian energy company Eni, today. The meeting was also attended by Prime Minister Mostafa Madbouly, Minister of Petroleum and Mineral Resources Karim Badawi, and from Eni, Guido Brusco, CEO of Natural Resources Operations, Francesco Gasparri, General Manager of Eni's Egypt branch, and Mahmoud Abou El-Yazid, Deputy General Manager of Eni's Egypt branch.

Ambassador Mohamed El-Shenawy, the official spokesperson for the Presidency, stated that President El-Sisi began the meeting by welcoming the Eni CEO and expressing his appreciation for the existing cooperation between Egypt and Eni. He noted that the Italian company contributes approximately 40% of Egypt's natural gas production. The President also commended the company's social responsibility through its support of numerous development projects in Egypt.

The official spokesperson added that the CEO of Eni, in turn, affirmed his pride in the fruitful cooperation between the two sides, praising the Egyptian government's efforts to facilitate investment, which benefits both parties. He reiterated his company's commitment to strengthening its role as one of the largest players in Egypt's energy market, given the sector's promising opportunities, both in terms of domestic production and exports.

Descalzi indicated that the company, in cooperation with its partners, intends to inject additional investments into the Egyptian market totaling $8 billion over the next five years, focusing on developing existing fields and conducting further exploration.