President: Egypt optimising energy resources utilisation, building on recent successes

Egypt’s President Abdel Fattah El Sisi on Sunday received Claudio Descalzi, CEO of Italian company Eni, and an accompanying group of the energy giant’s top officials. Petroleum and Mineral Resources Minister Tarek el-Mulla attended the meeting.

During the meeting, President Sisi highly appreciated the distinguished ties between Egypt and Italy, and the extended partnership with Eni, as well as the company’s various activities carried out in Egypt, in line with the highest international standards, Presidency Spokesman Ahmed Fahmy said.

Sisi also voiced hopes for carrying on with the fruitful co-operation with the company in fields of research, exploration, development and production, with the major aim of achieving optimal utilisation of Egypt’s energy resources, as well as consolidating the remarkable successes realised over the past few years.
For his part, the Eni CEO expressed gratification over the co-operation with Egypt in light of the close ties between Cairo and Rome, Spokesman Fahmy said.

Descalzi emphasised Egypt’s importance as a top energy market for Eni’s activities at the world level, in light of the promising opportunities available in the Egyptian energy sector especially given the great attention that the state and President Sisi personally are attaching to the development of this vital sector, the spokesman said.

Such attention and the promising opportunities now existing in Egypt’s energy sector, the Eni chief went on, have contributed to the establishment of a model of success globally viewed with appreciation and admiration.

In the course of reviewing the development of the activities the company is carrying out in Egypt, in line with the highest criteria of efficiency, Descalzi indicated that Eni and its partners intend to carry out fresh investments worth $7.7 billion in Egypt over the coming four years, as part of the company’s keenness on boosting its successful projects in the country, Spokesman Fahmy said.

The Eni chief also reviewed the company’s future research and exploration plans, as well as development operations which would enable the company to maintain large production rates. He also highlighted the progress Eni achieved in energy efficiency and sustainability projects related to energy transformation, in line with the memorandum of understanding singed in March 2023, the spokesman said.