Eni to Invest 7.7B in Egypt’s Energy Sector Over 4 Years

Eni to Invest 7.7B in Egypt’s Energy Sector Over 4 Years

President Abdel Fattah El Sisi met with Eni’s CEO Claudio Descalzi and a number of the company’s senior officials, in the presence of Tarek El Molla, Minister of Petroleum and Mineral Resources.

During the meeting, El Sisi praised the distinguished Egyptian-Italian relations, the extended partnership with Eni, and the multiple activities the company carries out in Egypt in accordance with the highest international standards.

El Sisi 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, and enhancing the great successes achieved in this regard over the past few years.

Meanwhile, Descalzi stated 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 enhance its successful projects in Egypt.

Eni’s CEO expressed his pride in cooperating with Egypt in light of the close ties between Egypt and Italy.

Descalzi emphasized the great importance that Egypt represents as one of the most important markets for the company’s activities and work worldwide, in light of the promising opportunities enjoyed by the energy sector in Egypt.

During the meeting, Descalzi reviewed the developments in the activities carried out by the Italian company in Egypt.

Descalzi further reviewed the company’s upcoming research and exploration plans, and development operations activities that will enable Eni to maintain higher rates of production rates. He also highlighted the progress achieved in energy efficiency and sustainability projects related to the energy transition, in line with the memorandum of understanding that was signed in March 2023.

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