Eni to invest $8b in Egypt over five years, Brusco tells PM

Italian energy group Eni plans to invest $8 billion in Egypt over the next five years, its chief operating officer for natural resources, Guido Brusco told Prime Minister Moustafa Madbouly during a meeting on Thursday.

The investment will focus on developing existing fields and stepping up exploration, the Egyptian Cabinet said in a statement, urging the company to accelerate field development and exploration work.

Eni, which produces about 40 per cent of Egypt’s natural gas, is one of the largest foreign investors in the country’s petroleum sector. Brusco praised Cairo’s commitment to settling dues owed to foreign partners and creating a favourable investment climate, describing these steps as vital for expanding output.

The company is also studying opportunities in new areas, including mining for rare minerals, Brusco said. He added that Eni’s corporate social responsibility efforts in Egypt include healthcare projects to support local communities.

Petroleum Minister Karim Badawy attended the talks, along with senior Eni officials.

Attribution: Amwal Al Ghad English