The official spokesperson for the Presidency of the Republic said, in a statement on Sunday, that the CEO of Eni stressed, during the meeting in which the Egyptian Minister of Petroleum Tarek El-Molla participated, the great importance that Egypt represents as one of the most important markets for the company’s activity and work worldwide, in light of the promising opportunities it enjoys. by the energy sector in Egypt.
Descalzi said, “Eni and its partners intend to make new investments in Egypt, during the next four years, at a value of $7.7 billion, as part of the company’s keenness to promote its successful projects in Egypt.”
The head of the Italian company referred to the company’s upcoming research and exploration plans, and development operations activities that will enable Eni to maintain large production rates from the fields.
The Egyptian government is seeking to increase its capabilities in gas production in light of the increase in domestic consumption at large rates, and its desire to become a regional supply center for gas, especially after the discovery of the “Zohr field” in 2015, which contributed to opening the appetite of investors to work in the Egyptian gas sector, and helped the country. To export large quantities of liquefied gas.
Egypt, which is facing an increasing demand for gas, witnessed a decline in its production of it by 9 percent on an annual basis between January and May and 12 percent compared to the same period in 2021. Egypt suffers from power outages due to the increase in heat waves, the volume of demand for cooling.
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