- BUSINESS MEETINGS AND AGREEMENTS
Cairo (Egypt), 31 March 2022 – Claudio Descalzi, Chief Executive Officer of Eni, met with the President of the Arab Republic of Egypt, Abdel Fattah el-Sisi, today, to discuss Eni’s activities in the country and the areas of common interest and collaboration. The Minister of Petroleum & Mineral Resources Tarek El-Molla was also present at the meeting. The main issues addressed were the production of natural gas and LNG exports, areas in which Egypt has acquired a central role in the Mediterranean since Eni’s discovery of Zohr.
The parties discussed Egypt's vision of becoming a regional gas hub, leveraging existing LNG plants. Eni currently produces about 80% of gas destined for the domestic market for electricity generation. The company is also committed to supporting local production through an ambitious exploration and development campaign. This will also contribute to exports through the Damietta liquefaction plant, which was successfully restarted in 2021, and helping Egypt become a net LNG exporter.
Mr Descalzi also explained Eni’s commitment to accelerating the decarbonisation of its activities, and to develop CO2 capture and storage (CCS) and hydrogen production projects already defined in 2021. Specifically, in Damietta, following the MoU signed in July 2021, Eni is engaged in the development of decarbonized hydrogen coupled with a CCS project aimed at the production of blue ammonia. This project can be further expanded to decarbonize the industrial area of Damietta, with a total of 5 million tons of CO2 captured in the first phase. Furthermore, besides the existing initiatives to substitute gas with renewable energy sources, the parties discussed a wide solar power project for civilian use, with a range of several gigawatts.
Finally, the parties discussed the upstream activities in the country, where in addition to the existing exploration portfolio, Eni has recently been awarded five new licenses located in prolific basins, and close to its production plants, for an efficient and rapid exploitation of any exploratory discoveries.
Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is currently the country's leading producer with an equity production of hydrocarbons of approximately 360,000 barrels of oil equivalent per day.
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
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