Italy's Eni to Invest $7.7 Billion in Egypt's Energy Sector Over Next 4 Years

Italian energy company Eni has announced plans to inject investments worth $7.7 billion in Egypt over the next four years. This comes as part of the company’s objective to make optimal use of Egypt's abundant energy resources. The announcement was part of a statement released by the Egyptian presidency today, Sunday.

The statement emphasized the company's ongoing activities in Egypt, executed in accordance with the highest standards of efficiency. "Eni and its partners intend to make new investments in Egypt in the coming four years, worth $7.7 billion, within the framework of the company's interest in enhancing its successful projects in Egypt," the presidency noted.

Eni’s CEO, Claudio Descalzi, outlined the upcoming exploration and research plans that the company will undertake. Activities in developmental operations will enable Eni to maintain high levels of production from various fields.

Descalzi also mentioned the progress achieved in projects related to energy efficiency and sustainability, tied to the energy transition. This is in line with a memorandum of understanding signed in March 2023, according to the statement.

The head of Eni expressed his pride in collaborating with Egypt, citing the strong ties between Cairo and Rome. The statement underlined the "great significance that Egypt represents as one of the most important markets for the company's global operations, given the promising opportunities provided by the energy sector in Egypt."

Ahmed Fahmy, the official spokesperson for the Egyptian presidency, stated, "The President values the distinguished Egyptian-Italian relations and the extended partnership with Eni, which executes multiple activities in Egypt according to the highest global standards." Fahmy expressed optimism about continuing fruitful cooperation between Egypt and the company in the fields of research, exploration, development, and production, aiming to make optimal use of Egypt's resources in the energy sector.

The investment sets a precedent for mutual benefits, fostering a successful model that is gaining global recognition and admiration.