Eni to invest $7.7B in Egypt over 4 years

CEO of Eni, Claudio Descalzi, said in a Sunday meeting with President Abdel Fattah el-Sisi that the Italian energy company and its partners will inject new investments worth $7.7 billion over the next four years in Egypt. 

In the meeting, which included Minister of Petroleum Tarek el-Mulla, Descalzi and Eni officials reviewed the development of company’s activities in Egypt as well as upcoming research and exploration plans that will enable Eni to maintain large production rates from the fields. 

Descalzi also highlighted to the progress achieved in energy efficiency and sustainability projects related to the energy transition, according to a memorandum of understanding that was signed in March 2023.