Latest news with #Descalzi
Arab News
09-04-2025
- Business
- Arab News
Italy's Eni to invest $26bn in North Africa over next 4 years, CEO says
RAVENNA : Italian energy group Eni will invest around €24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government's efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan. Eni is already a major foreign investor in North Africa's energy sector. Descalzi said the three countries can play an important role as hydrocarbon suppliers for Europe, but need outside investment to expand their energy production and meet rising domestic demand. 'Internal demand in these countries — because of demographic growth — is increasing at about 7-8 percent every year, this means they need gas ... they need investment,' he told an energy conference in the Italian city of Ravenna. In the next four years, Eni will invest more than €8 billion each in Algeria and Libya, and about the same in Egypt, Descalzi said. Egypt had planned to become a major gas exporter after Eni discovered the Zohr offshore gas field there in 2015. However, domestic gas production in the country has been falling since 2021, and reached a six-year low in 2024. Earlier this year, Cyprus and Egypt signed a deal to process the gas coming from Cyprus's offshore fields to Egypt, exported by Eni, for liquefaction and re-export to Europe.
Zawya
09-04-2025
- Business
- Zawya
Italy's Eni to invest $26bln in North Africa over next four years, CEO says
RAVENNA, Italy: Italian energy group Eni will invest around 24 billion euros ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government's efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan. Eni is already a major foreign investor in North Africa's energy sector. Descalzi said the three countries can play an important role as hydrocarbon suppliers for Europe, but need outside investment to expand their energy production and meet rising domestic demand. "Internal demand in these countries - because of demographic growth - is increasing at about 7-8% every year, this means they need gas ... they need investment," he told an energy conference in the Italian city of Ravenna. In the next four years, Eni will invest more than 8 billion euros each in Algeria and Libya, and about the same in Egypt, Descalzi said. Egypt had planned to become a major gas exporter after Eni discovered the Zohr offshore gas field there in 2015. However, domestic gas production in the country has been falling since 2021, and reached a six-year low in 2024. Earlier this year, Cyprus and Egypt signed a deal to process the gas coming from Cyprus's offshore fields to Egypt, exported by Eni, for liquefaction and re-export to Europe. ($1 = 0.9145 euros) (Reporting by Francesca Landini, editing by Alvise Armellini and Rachna Uppal)
Reuters
08-04-2025
- Business
- Reuters
Italy's Eni to invest $26 billion in North Africa over next four years, CEO says
RAVENNA, Italy, April 8 (Reuters) - Italian energy group Eni ( opens new tab will invest around 24 billion euros ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government's efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Eni is already a major foreign investor in North Africa's energy sector. Descalzi said the three countries can play an important role as hydrocarbon suppliers for Europe, but need outside investment to expand their energy production and meet rising domestic demand. "Internal demand in these countries - because of demographic growth - is increasing at about 7-8% every year, this means they need gas ... they need investment," he told an energy conference in the Italian city of Ravenna. In the next four years, Eni will invest more than 8 billion euros each in Algeria and Libya, and about the same in Egypt, Descalzi said. Egypt had planned to become a major gas exporter after Eni discovered the Zohr offshore gas field there in 2015. However, domestic gas production in the country has been falling since 2021, and reached a six-year low in 2024. Earlier this year, Cyprus and Egypt signed a deal to process the gas coming from Cyprus's offshore fields to Egypt, exported by Eni, for liquefaction and re-export to Europe. ($1 = 0.9145 euros)
Al-Ahram Weekly
17-02-2025
- Business
- Al-Ahram Weekly
Egypt, Cyprus, Italy's Eni sign agreement to export gas to Europe via Egypt
Egypt, Cyprus, and Italian energy giant Eni signed a Host Government Agreement (HGA) in Cairo on Monday to develop and export gas from Cyprus' Cronos field to European markets via Egypt's infrastructure. According to Eni's official website, President Abdel-Fattah El-Sisi and his Cypriot counterpart Nikos Christodoulides chaired the signing ceremony held during the opening of the Egypt Energy Show (EGYPES 2025). This agreement marks a significant milestone in creating a gas hub in the Eastern Mediterranean, leveraging Egypt's existing hydrocarbon infrastructure while positioning Cyprus as a gas producer and exporter, Eni further noted. Additionally, it sets out a structured plan for the rapid development of the Cronos gas discovery off the coast of Cyprus. The gas will be sent to Egypt for processing at the existing Zohr field facilities before being liquefied at the Damietta LNG plant for export to European markets. Discovered in 2022 and later appraised in 2024, the Cronos gas field in Block 6 of Cyprus' Exclusive Economic Zone (EEZ) holds over three trillion cubic feet of gas. Eni, active in Cyprus since 2013, operates Block 6 with a 50 percent stake, along with Block 8, and holds interests in Blocks 7 and 11. The agreement was signed by Karim Badawi, minister of petroleum and mineral resources; George Papanastasiou, Cypriot minister of energy, commerce and industry; and Eni's CEO Claudio Descalzi. Meanwhile, Eni's CEO Descalzi stated that the agreement facilitates the swift commercialization of Cyprus' gas, enhancing energy security and supply competitiveness. He emphasized that the project takes advantage of Egypt's existing infrastructure, including its export facilities, which are crucial for regional energy developments. Descalzi also highlighted that Egypt and Cyprus are reaffirming their positions in the growing Eastern Mediterranean energy hub, which is expected to play a more prominent role in the global gas market in the future. Earlier on Monday, President El-Sisi inaugurated the eighth edition of EGYPES 2025 conference and exhibition, running from 17 to 19 February in Cairo. El-Sisi met with his Cypriot counterpart to discuss ways to enhance cooperation in natural gas production, liquefaction, and transportation, which would benefit both countries and support the European market. The Egyptian president also met with Eni's CEO, who reaffirmed Eni's commitment to its strategic partnership with Egypt. The CEO recognized the country's key role as a regional energy hub with significant potential for gas exploration and liquefied gas production. Short link:
Egypt Today
17-02-2025
- Business
- Egypt Today
President Sisi confirms Egypt's interest enhancing cooperation with Eni
CAIRO – 17 February 2025: President Abdel Fattah El Sisi met with the CEO of Eni, Claudio Descalzi, on the sidelines of the Egypt Energy Show (EGYPES) 2025. The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said Descalzi reviewed the outcome of Eni's projects in Egypt during the last period, as well as its current and future plans for gas exploration and production in Egypt. Descalzi also stressed Eni's keenness on its strategic relation with Egypt, in light of its key role as a regional hub for the trading and production of energy and liquefied gas, and in view of the promising opportunities and huge potential that Egypt has in this field. President Sisi confirmed Egypt's interest in enhancing cooperation with Eni, noting the importance of expanding the company's research, exploration and production activities and efforts in Egypt, with the aim of achieving optimal exploitation of Egypt's natural resources and the gas and energy sector, and in continuation of the fruitful cooperation between Egypt and Eni.
