Italy’s Eni says looking forward to growing oil and gas exploration, production activities in Egypt

CAIRO – 16 April 2021: Claudio Descalzi, CEO of the energy company Eni said he looks forward to further growing the Italian company’s oil and gas exploration and production activities in Egypt as he met on Thursday with President Abdel Fattah El-Sisi.

The comes in light of the Egyptian efforts to be turned into a regional center for the trade and circulation of all types of energy, a statement by the Presidency read.

Descalzi said this comes especially in light of Egypt's strategic location and infrastructure qualifying it to play the role of a regional energy center, supported by the factors of security, stability, and wise leadership of Sisi, the statement said.

He added that these factors have led Egypt to establish joint regional projects in the field of energy, such as connection networks and others.

Sisi, for his part, voiced his support to Eni's endeavor to expand its investment activities in Egypt in these fields, as part of the fruitful cooperation between the Italian company and Egypt.

“This support is prompted by the great deal of attention the Egyptian State pays to the development of this vital sector,” the statement explained.

The president also highlighted the need to continue intensive cooperation with Eni to strengthen its activities and efforts.

Descalzi, during the meeting, showcased Eni’s current and future activities in Egypt.

Minister of Petroleum and Mineral Resources Tarek El-Molla and several senior corporate leaders attended the meeting.

According to the Presidency, the meeting addressed the re-operation of the liquefied natural gas (LNG) station in Damietta with full capacity and the export to all international markets.

“This provides an added value to Egypt in the field of liquefied gas and strengthens its position in the production and trading of gas from the eastern Mediterranean to the entire world,” the statement said.

The meeting also discussed joint cooperation with Eni on the production of hydrogen for power generation in the country.