Italian Energy Company Eni will pour an additional US$8 billion into Egypt over the next five years to boost development of existing gas fields and expand exploration, the company’s chief executive Claudio Descalzi, has said.
Descalzi announced the plan during talks with President Abdel Fattah al-Sisi in Cairo, attended by Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi, according to the presidency.
Presidential spokesman Mohamed El-Shenawy said Sisi noted that Eni accounts for roughly 40 percent of Egypt’s natural gas output and praised the company’s social programmes backing development projects across the country.
Descalzi reaffirmed Eni’s long-term commitment to Egypt, citing opportunities in domestic production and export markets, El-Shenawy added.
Badawi welcomed the company’s growing activity in recent months, highlighting its expanded production operations and community initiatives that support local areas.
The meeting reviewed Eni’s current projects and future exploration plans, including efforts to connect Cyprus’s Cronos field to Egyptian infrastructure as Cairo seeks to cement its role as a regional gas and energy hub.
Sisi called for deeper cooperation with Eni through stepped up exploration and production, stressing the government’s commitment to clearing outstanding dues owed to foreign partners to support new investment. Officials also discussed potential Eni investments in other sectors, including mining.
