Eni to invest $7.7B in Egypt over 4 years

CAIRO - 3 September 2023: 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. 

Sisi said he looks forward to more cooperation with Eni to achieve optimal utilization of Egypt's resources from the energy sector. 

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.

Eni’s CEO expressed pride in cooperation with Egypt in light of the close ties between Egypt and Italy, emphasizing that Egypt is one of the most important markets for the company's work worldwide.

He lauded the promising opportunities in the energy sector in Egypt, establishing a model of success that is viewed globally with appreciation and admiration.