Italian energy major Eni has announced plans to invest $8 billion in Egypt over the next five years, reinforcing its position as one of the country’s most important energy partners. The announcement came during a meeting in Cairo between President Abdel-Fattah El-Sisi and Eni CEO Claudio Descalzi, who outlined the company’s strategy to expand production, develop existing fields, and intensify exploration activities.
According to an official presidential statement, President El-Sisi welcomed Eni’s continued commitment, noting that the company currently accounts for around 40% of Egypt’s natural gas output. He highlighted Eni’s strong record in Egypt—including the landmark Zohr field discovery, which enabled Egypt to achieve gas self-sufficiency in 2018—and praised its contributions to community development programs.
The President underscored Egypt’s determination to deepen its strategic partnership with Eni by supporting new investments, accelerating exploration, and ensuring timely settlement of dues to foreign energy companies to strengthen investor confidence.
Descalzi expressed appreciation for Egypt’s efforts to stabilize the investment climate and confirmed Eni’s intention to expand its footprint in both domestic production and export projects. Discussions also covered ongoing cooperation to link Cyprus’ Cronos gas field with Egypt’s infrastructure, bolstering the country’s position as a regional energy and LNG hub.
The new investment commitment follows Eni’s earlier pledge in 2023 to invest $7.7 billion over four years, reaffirming the company’s long-term vision for Egypt’s energy future.
