Italy's Eni to invest 8 bln USD in Egypt's energy sector

Alsharq Tribune-AFP 

Italian energy giant Eni announced on Thursday plans to invest 8 billion U.S. dollars in Egypt over the next five years, according to a statement released by the Egyptian government.

During a meeting with Egyptian Prime Minister Mostafa Madbouly, Eni Chief Operating Officer Global Natural Resources Guido Brusco said the company, together with its partners, will use its investments to develop existing oil and gas fields and conduct further exploration activities.

He added that the company has started to expand into other areas, such as rare earth mineral mining, and is considering future investments in the sector.

Madbouly welcomed the announcement, noting that the Italian company contributes 40 percent of Egypt's natural gas production.

On its website, Eni reaffirmed its commitment to supporting Egypt's ambition of becoming a regional gas hub in the Eastern Mediterranean, noting that the country's extensive gas processing and liquefaction infrastructure will facilitate the development of new projects.