Italy’s Eni will invest around € 8 billion in Libya over the next four years to boost energy production, Reuters reported Eni CEO Claudio Descalzi saying last Tuesday.
The amount will be part of a € 24 billion euros ($26.24 billion) to be invested in Algeria, Libya and Egypt over the next four years to help boost energy production across Italy’s three southern Mediterranean neighbours.
The investments, Reuters said, would coincide with the Rome government’s efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan serving Italy’s national interest in creating a new development and partnership model with Africa focusing on investing in energy projects.
Reuters quoted Descalzi saying, at an energy conference in the Italian city of Ravenna, that the three countries can play an important role as hydrocarbon suppliers for Europe, but need outside investment to expand their energy production and meet rising domestic demand.
