Cairo, Egypt – Egyptian President Abdel Fattah al-Sisi received Claudio Descalzi, CEO of the Italian energy company Eni, today. The meeting focused on discussing existing cooperation and reviewing the company’s future plans in Egypt’s energy sector.
Sisi welcomed Descalzi, expressing Egypt’s appreciation for the strategic partnership with the Italian company, which contributes approximately 40% of Egypt’s natural gas production. He also praised Eni’s social role and its support for several development projects within the country.
For his part, Descalzi affirmed the company’s pride in its fruitful cooperation with Egypt, praising the government’s efforts to facilitate the investment climate and remove obstacles facing foreign companies. He reiterated Eni’s commitment to strengthening its presence in the Egyptian market, given the promising opportunities for production and export within the energy sector.
The CEO revealed that Eni, in collaboration with its partners, plans to invest an additional $8 billion over the next five years. These investments will include developing existing fields and conducting further exploration in new areas.
The meeting also included a review of the company’s projects in Egypt. It addressed its future plans in gas exploration and production, emphasizing Egypt’s importance as a regional hub for energy production and trading of liquefied natural gas (LNG). The company’s intention to invest in the mining sector in the coming period was also discussed. Furthermore, progress on the project to connect the Cypriot Kronos gas field to the Egyptian infrastructure was reviewed, with the aim of strengthening Egypt’s regional position in the energy market.
For his part, President El-Sisi stressed the importance of continuing to expand exploration and production activities to achieve optimal utilization of natural resources. He also affirmed the state’s commitment to improving the investment climate and its full adherence to settling outstanding payments to foreign partners. This is considered essential for supporting the expansion of international companies in the Egyptian gas and energy sector.
