Eni says Egypt investments hit $8.5 bln, vows to deepen partnership

Italian energy group Eni has invested $8.5 billion in Egypt and plans to deepen its partnership with the country, Chief Executive Claudio Descalzi said on Tuesday during a meeting with President Abdel Fattah El-Sisi.

Descalzi said Eni was committed to strengthening its position as a major energy company in Egypt and as a key partner in oil and gas exploration, development, and production, according to a statement from the Egyptian presidency.

Sisi praised Eni’s longstanding partnership with Egypt and its activities in exploration, production, and community development, while saying Egypt would continue to provide the facilities needed to support the company’s operations and address challenges, the statement said.

Eni is implementing an integrated investment programme covering exploration, development, and operations across its Egyptian concession areas, including the Mediterranean and the Zohr gas field, the presidency said.

The company also plans to develop and manage a hospital in Egypt as part of its community development activities, Descalzi said.

The meeting also reviewed plans to expand cooperation between Egypt and Eni on regional gas resources, including efforts to connect Cyprus’ Cronos gas field to Egyptian infrastructure.

Descalzi said the planned connection could serve as a model for regional gas cooperation and strengthen Egypt’s position as a regional hub for gas trading.

Egypt has sought to leverage its LNG infrastructure and strategic location to establish itself as a regional energy hub while attracting investment in oil and gas exploration and production to increase domestic output.

The meeting was attended by Prime Minister Moustafa Madbouly, Petroleum and Mineral Resources Minister Karim Badawy and senior Eni executives, including Descalzi, Chief Operating Officer Guido Brusco and IEOC Managing Director Andrea Barberi.