Italian energy conglomerate Eni has unveiled ambitious investment plans for Egypt, with a commitment to inject $7.7 billion into the country over the next four years. This significant investment was announced by Egyptian Presidential spokesman Ahmad Fahmy on Sunday, following a meeting between Egyptian President Abdel Fattah al-Sisi and Eni’s CEO Claudio Descalzi.
During their meeting, President al-Sisi commended the extensive range of activities that Eni is currently engaged in within Egypt, underlining the importance of the partnership in advancing Egypt’s energy sector and overall economic growth.
Fahmy also noted that Descalzi expressed his enthusiasm for collaborating with Egypt, emphasizing the strong and enduring ties between Egypt and Italy. This partnership signifies a robust commitment to further strengthening the economic and commercial relationship between the two nations.
Eni’s substantial investment underscores Egypt’s status as an attractive destination for major players in the energy sector, positioning the country as a pivotal hub for energy exploration and development in the region. The financial injection from Eni is expected to bolster Egypt’s energy infrastructure and contribute to the nation’s long-term energy security and economic stability.
