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Eni to invest $2 bln in Egypt in 2017: official

Eni to invest $2 bln in Egypt in 2017: official

Cairo: The Italian multinational oil and gas company Eni will add US$2 billion to Egypt's investments in the first quarter of 2017 through its Zohr natural gas field, which was discovered in August 2015, a senior government official told Al-Masry Al-Youm upon condition of anonymity.

All government agencies are working on eliminating any obstacles to the Italian company's investment in Egypt, he said, adding that the government has provided additional land to Eni for storage of its equipment, as requested by the company.

The official denied that Eni had frozen its activity in Egypt due to obstacles or due to the killing of an Italian student in Cairo recently.

Last week, the government gave the Italian company the rights to develop the Zohr field, the reserves of which are estimated at 30 trillion cubic feet of natural gas.

Source: Egypt Independent


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