Eni plans over €24B in investments across Egypt, Libya, Algeria
Updated 4/8/2025 2:36:00 PM
Arab Finance: Eni plans to invest more than €24 billion in North Africa over the next four years, with over €8 billion allocated to Egypt, another €8 billion to Libya, and a similar amount to Algeria, Asharq Business reported, citing Eni's CEO Claudio Descalzi.
The announcement comes as Eni prepares to resume pumping around 220 million cubic feet of natural gas per day from Egypt’s Zohr field next month. This had been postponed since December due to unstable sea conditions, which extended the drilling period.
Egypt is also in advanced discussions with Eni to set up a new facility for receiving liquefied natural gas (LNG) imports, aiming to avoid a repeat of the power shortages that hit the country last summer.
The planned facility will be located near Eni’s LNG export terminal in Damietta on the Mediterranean and will be operated by a joint venture between Eni and the Egyptian Natural Gas Holding Company (EGAS).
As part of efforts to strengthen energy cooperation, Egypt recently paid $1 billion in outstanding dues to international energy companies, 40% of which went to Eni.
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