Eni CEO expresses interest to increase investment in Egypt

CAIRO - 16 January 2019: Eni CEO Claudio Descalzi affirmed that his company looks forward to increasing its investments in Egypt, saying that the rise in Zohr gas field production reflects the good performance and deployment of high technology.

Zohr gas field in numbers

CAIRO - 31 January 2018: The Zohr gas field is an offshore natural gas field located in the Egyptian sector of the Mediterranean Sea. Egypt Today provides a summary of the most important numbers of the Zohr Gas Field: 1.

Eni delegation revealed that the company has been selling sulfur, which is a byproduct of the gas extraction process, allocating all the revenues to fund Corporate Social Responsibility (CSR) activities. That came during a meeting with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Tarek el-Mulla.

Cabinet Spokesperson Nader Saad stated that the size of Eni’s investments in Egypt over the past three years is $13 billion. The production of Zohr gas field was expected to reach 3 billion cubic meters daily by 2019.

Saad added that Eni has spent $20 million on CSR, embodied in the construction of clinics and small medical centers in Port Said and other towns as well as professional training centers for youth; that is in addition to financing the establishment of a burn injuries treatment department at Al-Haram Hospital in Giza.

The prime minister stressed that the government will spare no effort to eliminate any obstacle facing the company in Egypt.

Egypt is looking forward to enhancing relations with the company in particular and with Italy in general, Madbouly added.

UPDATE 1-Egypt approves BP purchase of 25 pct of Nour gas concession

CAIRO, Dec 9 (Reuters) - BP and UAE-based Mubadala Investment Co are to buy stakes in the Nour deepwater gas concession off the northern coast of Sinai, following approval by Egypt's petroleum ministry on Sunday. Nour lies near the Zohr gas field, which was declared the biggest in the Mediterranean when it was discovered in 2015.