Claudio Descalzi, CEO of Italy’s Eni, announced that the company, together with its partners, plans to inject an additional $8 billion in investment into the Egyptian market over the next five years, focusing on the development of existing fields and expanding exploration activities.

This came during his meeting with President Abdel Fattah El-Sisi, in the presence of Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi.

 According to the Presidential Spokesman, President El-Sisi highlighted that the Italian company contributes around 40% of Egypt’s natural gas production, and praised its social responsibility initiatives, including its support for various development projects across the country.

Ambassador Mohamed El-Shenawy, the Presidential Spokesman, added that Descalzi reiterated Eni’s commitment to strengthening its role as one of the largest energy operators in Egypt, given the sector’s promising opportunities in both domestic production and export potential.

The spokesperson noted that the Minister of Petroleum praised the ongoing cooperation with Eni, highlighting the company’s expansion of production activities in recent months and its active engagement in both petroleum operations and community development programs that support local communities.

The meeting also reviewed updates on Eni’s current operations and projects in Egypt, as well as the company’s future plans for gas exploration and production.

Both sides emphasized Eni’s commitment to its strategic partnership with Egypt, especially as the country continues to strengthen its position as a regional hub for natural gas and energy.

 Discussions also touched on the company’s intention to invest in other sectors such as mining, and the latest progress on linking the Cypriot Cronos field to Egypt’s infrastructure, supporting Egypt’s role as a regional energy and gas trading hub.

El-Sisi underscored the importance of continuing the successful cooperation between Egypt and Eni by expanding exploration and production activities to ensure the optimal utilization of Egypt’s natural gas and energy resources.

 He also reaffirmed the state’s commitment to settling dues owed to foreign partners, describing this as essential to supporting their efforts to expand production and exploration activities.