Italian energy giant Eni is set to invest $7.7 billion in Egypt over the upcoming four years, aiming to fully harness the country’s energy sector resources. The investment plan was revealed in a statement by the Egyptian presidency on Sunday.
According to the statement, Eni’s ongoing operations in Egypt are conducted in line with the highest efficiency standards. “Eni and its partners are committed to embarking on new investment ventures in Egypt, valued at $7.7 billion over the next four years, as part of the company’s focus on expanding its successful initiatives in the country,” the statement elaborated.
Claudio Descalzi, CEO of Eni, discussed upcoming exploration and research plans during a meeting with Egyptian officials. Descalzi underscored that these activities will enable Eni to sustain high levels of production from its various fields.
The CEO also highlighted advancements in projects that concentrate on energy efficiency and sustainability, in line with the energy transition. These developments are part of a Memorandum of Understanding signed in March 2023, as per the official statement.
Eni’s leadership expressed pride in its long-standing collaboration with Egypt, reflecting the close-knit relationship between Cairo and Rome. The statement emphasized the significance Egypt holds as one of Eni’s key global markets, citing the abundant opportunities within the country’s energy sector.
Ahmed Fahmy, the spokesperson for the Egyptian presidency, expressed that Egypt sees its partnership with Eni as vital. “Egypt represents one of the most important markets for Eni’s global operations, especially considering the state’s focus on enhancing this critical sector, thereby yielding substantial benefits for the country,” Fahmy said.
This significant investment marks a step forward in the partnership between Egypt and Italy in the energy domain, establishing a model of success that is viewed globally with high regard.
