The strategic relationship between Italy and Egypt in the The energy sector has just intensified dramatically. The Egyptian President Abdel Fattah Al-Sissi received the CEO of the giant on Tuesday Italian energy Eni, Claudio Descalzi, who confirmed a commitment colossal financial: the injection of eight billion dollars in investments more on the Egyptian market over the next five years.

This amount, already pre-announced in September by Guido Brusco, Eni's director of natural resources, during his meeting with the Prime Minister Minister Mostafa Madbouly, formalizes the increased ambition of the major oil in the region.

Egypt is a key partner for Eni, which operates through its subsidiary IEOC and makes a crucial contribution to the energy security of country. The Presidency spokesperson pointed out that the Italian airline is responsible for 40% of natural gas production in Egypt, with a hydrocarbon production reaching approximately 280,000 barrels of oil equivalent per day in 2024.

According to Claudio Descalzi, the eight billion dollars will be specifically dedicated to the development of existing gas fields and to launch of new explorations.

The discussions between Al-Sissi and Descalzi have largely focused on the realization of Egypt's pivotal role as a hub regional energy. A central point was the progress of the project of connecting the Cypriot Kronos gas field to Egyptian infrastructure.

This key initiative will strengthen the role of Cairo as a regional center for the trading and production of liquefied gas. The President Al-Sissi welcomed this fruitful cooperation and emphasized the need to continue the expansion of research and exploration activities and production.

ENI reaffirmed its commitment to this relationship strategic, recognizing the Egyptian market as a source of opportunities promising, both for local consumption and for export to global markets.