Egyptian President Abdel Fattah Al-Sisi met Eni chief executive Claudio Descalzi in Cairo on Tuesday to discuss the company’s current operations and future investment plans in the country, the presidency said.
Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi attended the meeting, alongside senior Eni officials including Guido Brusco, head of natural resources operations; Francesco Gaspard, Egypt country manager; and Mahmoud Abou El Yazid, deputy country manager.
The presidency’s spokesperson said Sisi welcomed Descalzi and expressed appreciation for the company’s partnership with Egypt. He noted that Eni contributes about 40% of the country’s natural gas production and praised the company’s social responsibility programmes in support of local development.
According to the spokesperson, Descalzi said he valued Eni’s long-standing cooperation with Egypt and commended government efforts to facilitate investment. He reaffirmed the company’s intention to strengthen its role in the Egyptian energy market, citing what he described as strong opportunities in domestic production and export.
Descalzi said Eni and its partners plan to invest a further $8bn in Egypt over the next five years to develop existing fields and pursue new exploration work.
The petroleum minister said cooperation with Eni had expanded in recent years, highlighting the company’s increased production activities and its community projects in support of local areas.
The meeting also reviewed the company’s ongoing projects and its plans for additional exploration and gas development. Eni reiterated its commitment to its strategic relationship with Egypt, noting the country’s role as a regional hub for natural gas and LNG.
Officials discussed potential investment in other sectors, including mining, and reviewed progress on linking Cyprus’s Cronos gas field to Egypt’s infrastructure to reinforce the country’s position as an energy hub.
Al-Sisi called for continued cooperation with Eni and encouraged the expansion of exploration and production activities. He reaffirmed the government’s commitment to meeting obligations to foreign partners, describing timely payments as essential to supporting expanded investment in the energy sector.
