Italy’s Eni Says Egypt Pledges Repayment of $800 mln in Arrears

Eni has received a pledge from Egypt that it will repay arrears owed the oil and gas major to the tune of $800 million, its chief executive said on Tuesday.

“The minister said so and I have no reason not to believe it,” Paolo Scaroni said on the sidelines of a conference.

Finance minister Ahmed Galal said on Sunday Egypt plans to repay 2.5 billion to 4.0 billion Egyptian pounds in arrears owed to local contractors by around mid-October.

Scaroni said Eni remained committed to production in Libya.

Asked if security at Eni plants in Libya was all right, Scaroni said “for the time being, yes.”

“It seems to me we could be heading towards more tranquil times,” he added.

Eni is the biggest foreign energy producer in Libya.

Source: Reuters