PM Welcomes Eni’s $8 Billion Investment Plan in Egypt

Prime Minister Mostafa Madbouly welcomed Italian energy company Eni’s decision to invest $8 billion in Egypt over the next five years, urging the company to accelerate field development and exploration efforts. He affirmed full government support for the investment plan and underlined the strategic role Eni plays in Egypt’s energy sector.

The remarks came during a meeting with Guido Brusco, Eni’s Chief Operating Officer for Natural Resources, at the government headquarters in the New Administrative Capital. Petroleum Minister Karim Badawi and senior Eni officials also attended.

Madbouly expressed appreciation for Eni’s longstanding partnership with Egypt, noting that the company contributes around 40% of the country’s natural gas output. He emphasized President Abdel Fattah El-Sisi’s strong backing for Eni’s operations and interest in expanding collaboration.

Brusco praised Egypt’s commitment to settling dues owed to foreign partners, describing it as essential for encouraging further investment. He added that Egypt’s ability to bring production online faster than many other markets makes it an attractive investment destination.

The $8 billion in planned investments will focus on expanding current fields and pursuing new exploration projects. Brusco also revealed that Eni is exploring opportunities in rare mineral mining in Egypt as part of its growing diversification.

Additionally, the Eni executive highlighted the company’s ongoing social responsibility efforts, especially in the health sector, to support local communities.