Cairo, Egypt – Italian energy giant Eni has revealed plans to invest $7.7 billion in Egypt’s energy sector over the next four years, according to Egyptian Presidential spokesman Ahmad Fahmi.
“The President values the distinguished Egyptian-Italian relations and the extended partnership with Eni, which executes multiple activities in Egypt according to the highest global standards,” Fahmy said in a statement.
Eni, in collaboration with its partners, intends to channel these investments into various projects within Egypt.
Fahmy expressed optimism about the continued cooperation between Egypt and Eni, focusing on research, exploration, development, and production to maximize Egypt’s energy resources.
Eni’s CEO, Claudio Descalzi, highlighted the upcoming exploration and research initiatives that the company intends to undertake. He underlined the “great significance that Egypt represents as one of the most important markets for the company’s global operations, given the promising opportunities provided by the energy sector in Egypt.”
Eni is an integrated energy company, founded in 1953, and has presence in 69 countries around the world, including Algeria, Angola, Mozambique, Mexico, Indonesia and Italy. In 2021, the company launched a new strategy that will enable it to provide a variety of fully decarbonized products, combining environmental and financial sustainability.