Eni CEO Presents $8 Bln Investment Plan to Libyan Officials

Eni CEO Presents $8 Bln Investment Plan to Libyan Officials

Libyan Prime Minister Ali Zidan, the Libyan Minister of Petroleum Abdelbari al Arusi, and Eni’s CEO Paolo Scaroni, met yesterday in Tripoli to discuss Eni’s activities and future projects in the country.

During the meeting Paolo Scaroni presented an investment plan worth $8 billion for the development of ongoing production and new exploration activities over the next 10 years.

The parties also discussed the Memorandum of Understanding for social sustainability, worth approximately $400 million, which will be finalized in the coming weeks. The common goal is to sign the Memorandum during Prime Minister Ali Zidan’s visit to Rome, scheduled for late January 2013.

The Prime Minister also asked whether Eni would be available to develop new projects in the downstream sector in conjunction with the new branch of the National Oil Corporation, which will be based in Benghazi.

Eni has been present in Libya since 1959 and is the largest international oil company operating in the country, responsible for approximately one third of the country’s total production and an equity production of approximately 80% of production before the revolution.

December 17, 2012

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