Egyptian President Abdel Fattah Al-Sisi met with Claudio Descalzi, chief executive of Italian oil and gas firm Eni, and other senior officials of the company on Sunday, reported the Daily News Egypt.
Tarek El-Molla, Egyptian minister of petroleum and mineral resources also was present in the meeting along with some senior officials from Eni, based on the report.
Descalzi presented the latest developments of the company’s activities in Egypt and said that Eni and its partners intend to make new investments in Egypt in the next four years, worth $7.7 billion.
The report added that Descalzi said these investments are part of the energy firm’s commitment to enhance its successful projects in Egypt.
Eni began operating in Egypt with the acquisition of shares of Ieoc, officially addressed as International Egyptian Oil Co, which became fully owned by Eni in 1961. The company said along with the Egyptian Authorities, they have agreed on a common strategy to implement a series of renewable energy projects in order to promote the development of a more sustainable energy mix in Egypt.
Ahmed Fahmy, official spokesperson of the Presidency said that President Al-Sisi appreciated the strong Egyptian-Italian relations and expressed his hope to continue the cooperation between Egypt and Eni in fields of exploration, development, production, and energy transition to achieve optimal utilization of Egypt’s energy resources, based on the report.
