The Egyptian General Petroleum Corporation (EGPC) signed a binding Memorandum of Intent (MoI) with Italian energy giant Eni to renew its North Port Said concession. The agreement includes the El Gamil strategic facilities, which serve as a primary natural gas processing hub for both current and future projects in the area.

The MoI outlines the core principles for a future work plan and serves as a preliminary step toward final agreements defining new investment commitments in the concession area, said the petroleum ministry on April 3.

Following the signing, Karim Badawi, Minister of Petroleum and Mineral Resources, highlighted the importance of the long-standing partnership with Eni, noting that the agreement strengthens the company’s presence in the Port Said region.

He added that the move aligns with the ministry’s efforts to create an attractive investment climate, accelerate exploration and development activities, and maximize production while maintaining existing operational facilities due to their strategic significance.

Eni has committed to invest $8 billion in Egypt over five years. The investment will be directed toward developing existing fields and conducting further exploration.