With a value of $7.7 billion.. Italian Eni plans to make new investments in Egypt

Today, Egyptian President Abdel Fattah El-Sisi met with Chief Executive Officer of Italian energy company, Eni, Mr. Claudio Descalzi. The meeting was also attended by Minister of Petroleum and Mineral Resources, Eng. Tarek El-Molla, and senior Eni officials.

Spokesman for the Presidency, Counselor Ahmad Fahmy, said that during the meeting, the President valued the outstanding Egyptian-Italian relations as well as the longstanding partnership with Eni. The President also appreciated the multiple activities the company has implemented in Egypt at the highest global standards. President El-Sisi looked forward to further advancing the fruitful cooperation between Egypt and Eni in the areas of search, exploration, development and production, with the aim of leveraging Egypt’s resources in the energy sector and enhancing the huge successes, which have been achieved in this regard over the past few years.

Eni’s CEO, Mr. Descalzi, expressed his pride in cooperating with Egypt, in light of the close bonds between Egypt and Italy. He underscored Egypt’s great importance as one of the major markets for Eni’s activities and business worldwide, given the promising opportunities the energy sector in Egypt enjoys, particularly with the state and the President’s personal interest to upgrade this vital sector and maximize its return to Egypt. Eni’s CEO noted that this has led to the establishment of a model of success that is acknowledged and appreciated around the world.

Mr. Descalzi offered an overview of the Italian company’s activities in Egypt, which are being implemented in accordance with the highest standards of efficiency. He pointed out that Eni and its partners are intent on injecting new investments into Egypt over the coming four years, at a value of 7.7 billion dollars, emanating from the Italian energy company’s commitment to boosting its successful projects in Egypt.

Eni’s CEO also reviewed the company’s upcoming search and exploration plans as well as development operations activities that will enable Eni to maintain high production rates from the fields. He also highlighted the progress achieved in energy efficiency and sustainability projects, that relate to the energy transition, in line with the Memorandum of Understanding signed in March 2023.