Italian energy giant Eni plans to invest €8 billion in Libya by 2029 to support hydrocarbon production, as part of a broader regional strategy aimed at securing Italy’s energy supply through the Mattei Plan.
According to the report by Reuters on Tuesday, the Italian Group Eni plans to invest around €8 billion in Libya over the next four years to support energy production,
The report quoted the CEO of Eni, Claudio Descalzi as saying that the investment is part of a broader €24 billion (about $26.24 billion) investment programme planned in Algeria, Libya, and Egypt.
The aim is to strengthen Italy’s energy supply by leveraging its three southern Mediterranean neighbours.
These investments coincide with Rome’s relaunch of its economic and political partnerships with Africa, as part of the Mattei Plan, designed to create a new model of cooperation based on strategic energy projects and mutual interests.
At an energy conference in Ravenna, Claudio Descalzi emphasized that Algeria, Libya, and Egypt can play a key role in supplying Europe with hydrocarbons, but require external support to expand their production
and meet growing local demand.
SL/ac/Sf/fss/gik/APA