Company plans to invest additional $8b in Egyptian market
President Abdel Fattah El-Sisi met today CEO of the Italian energy company Eni Claudio Descalzi , in the presence of Prime Minister Moustafa Madbouli and Minister of Petroleum and Mineral Resources Karim Badawi.
From Eni, the meeting was attended by Chief Operating Officer of Natural Resources Guido Brusco, and Managing Director of Eni’s Egypt branch Francesco Gaspardi.
Presidency Spokesman Mohamed El-Shennawy said the President voiced appreciation for the ongoing co-operation between Egypt and Eni, noting that the Italian company currently accounts for around 40% of Egypt’s natural gas production.
President Sisi also commended Eni’s social responsibility efforts, including its support for numerous development projects across the country.
Ambassador El-Shenawy added that Eni’s CEO expressed appreciation for the productive partnership with Egypt, praising the government’s efforts to facilitate investment in a way that benefits both sides.
Descalzi reaffirmed the Eni’s commitment to strengthening its role as one of the largest energy players in Egypt, given the sector’s promising opportunities in both domestic production and exports.
He noted that Eni, in co-operation with its partners, plans to inject an additional $8 billion in investments into the Egyptian market over the next five years, focusing on developing existing fields and conducting further exploration.
According to the Presidency Spokesman, the meeting also reviewed updates on Eni’s operations and projects in Egypt, along with its future plans for gas exploration and production.
The two sides affirmed the company’s commitment to its strategic partnership with Egypt, particularly in light of the country’s growing role as a regional hub for energy and liquefied natural gas (LNG).
Discussions also touched on Eni’s intention to invest in additional sectors such as mining, as well as progress on linking Cyprus’ Kronos gas field to Egyptian infrastructure—an important step in strengthening Egypt’s position as a regional energy hub.
President Sisi underscored the importance of continuing the fruitful co-operation between Egypt and Eni, through expanding exploration and production efforts to ensure the optimal use of Egypt’s natural resources and energy sector.
He also reaffirmed the state’s commitment to settling dues owed to foreign partners, stressing that this remains essential to supporting the company’s plans for expanded production and exploration.
