Italy’s Eni to invest $7.7bn in Egypt

Italian energy company, Eni, plans to invest $7.7 billion in Egypt over the next four years, CEO Claudio Descalzi announced, Anadolu news agency reported.

A statement issued by the Egyptian presidential spokesperson, Ahmed Fahmy, said Cairo aspires to achieve optimum utilisation of energy resources and “to consolidate the successes achieved in this regard during the past few years.”

Over the past eight years, Egypt became a gas-importing country in 2015, achieved self-sufficiency in natural gas by 2018, and resumed exports – especially after the discovery of the Zohr field in the eastern Mediterranean.

The discovery of the gas field attracted investors and increased the number of fields discovered, leading Egypt to move from importing natural gas to exporting it.

Egypt’s natural gas production currently stands at about 65 billion cubic metres, according to official data.

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