ENI Invests In Egypt: 7.7 Billion Dollars In 4 Years

ENI is ready to make significant new investments in Egypt. Along with some partners, the Italian energy giant plans an investment of $7.7 billion over 4 years, explained the group’s managing director Claudio Descalzi during a September 3 meeting with Egyptian President Abdel Fattah El-Sisi. The meeting was also attended by the Minister of Petroleum and Mineral Resources of Egypt Tarek El-Molla and high-ranking representatives of ENI.

A presidential spokesman said in a statement that El-Sisi “looks forward to further progress in the fruitful cooperation between Egypt and ENI in research, exploration, development, and production with the aim of exploiting Egyptian resources in the energy sector and consolidating the huge successes made in this direction in recent years.”

Descalzi confirmed the company’s commitment to developing successful projects in Egypt, presenting further plans for research and exploration, as well as “production that will allow ENI to maintain high extraction rates at the fields.” Finally, the focus shifted to energy efficiency and sustainability, as well as the progress made in this area with the aim of the energy transition in accordance with the memorandum of understanding signed in March 2023.