{"id":628048,"date":"2018-06-24T04:29:36","date_gmt":"2018-06-24T04:29:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/did-eni-pledge-usd-3-bn-in-investments-in-egypt-plus-we-could-be-exporting-natural-gas-by-years-end-early-2019\/"},"modified":"2018-06-24T04:29:36","modified_gmt":"2018-06-24T04:29:36","slug":"did-eni-pledge-usd-3-bn-in-investments-in-egypt-plus-we-could-be-exporting-natural-gas-by-years-end-early-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/did-eni-pledge-usd-3-bn-in-investments-in-egypt-plus-we-could-be-exporting-natural-gas-by-years-end-early-2019\/","title":{"rendered":"Did Eni pledge USD 3 bn in investments in Egypt? Plus: We could be exporting natural gas by year\u2019s end, early 2019"},"content":{"rendered":"<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>INVESTMENT WATCH- Did Eni pledge USD 3 bn in investments in Egypt?<\/strong> Eni plans to allocate USD 3 bn in new investments in Egypt over \u201cthe coming period,\u201d Eni CEO Claudio Descalzi said, according to a purported statement from the Oil Ministry floating around <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1301586\">in the local press on Thursday<\/a>. The company\u2019s investments in the fields of Nooros and Zohr now stood at USD 8.4 bn, Descalzi reportedly said during a sit down with Oil Minister Tarek El Molla.<\/p>\n<p><strong>Eni is also keen on exploring possible projects in renewable energy<\/strong>, Descalzi said in a meeting with President Abdel Fattah El Sisi, <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/photos\/a.155486328304089.1073741829.153405978512124\/401210840398302\/?type=3&theater\">according to an Ittihadiya statement<\/a>. While the statement gave no detail, it is likely that Descalzi is speaking of building a 50 MW solar power plant in the Red Sea\u2019s Abu Redis to sell power directly to consumers under an independent power producer (IPP) framework. Eni was one of five companies that had submitted proposals <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/29\/eni-said-to-be-one-of-five-companies-looking-to-build-solar-power-station-under-ipp-framework\/\">back in April<\/a> to build under the IPP framework.<\/p>\n<p><strong>Mubadala enters Egypt with Zohr acquisition:<\/strong> Descalzi\u2019s statements come a day after Eni finalized a 10% stake sale in the Shorouk concession, which holds the Zohr gas field, to the UAE\u2019s Mubadala Petroleum, according to <a href=\"http:\/\/www.petroleum.gov.eg\/ar\/MediaCenter\/LocalNews\/Pages\/mop_20062018_01.aspx\">a statement from the Oil Ministry<\/a>. The USD 934 mn agreement, which was <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/12\/eni-sells-10-stake-in-zohr-to-uaes-mubadala-for-usd-934-mn\/\">signed by Eni in March<\/a>, now sees Eni\u2019s share through its JV with the Oil Ministry IEOC fall to 50%, with Rosneft holding a 30% and BP taking 10% alongside Mubadala\u2019s 10%. More reading: <a href=\"https:\/\/www.eni.com\/docs\/en_IT\/enicom\/media\/press-release\/2018\/06\/PR_Eni_Mubadala.pdf\">Eni statement\u2019s (pdf)<\/a> on the transaction.<\/p>\n<p><strong>Meanwhile, Zohr has apparently led to a cancellation of two LNG cargoes:<\/strong> EGAS bought six LNG cargoes in an international tender won by Switzerland-based traders Trafigura, Vitol and Gunvor, <a href=\"https:\/\/af.reuters.com\/article\/commoditiesNews\/idAFL8N1TM4K4\">trade sources told Reuters<\/a> on Wednesday. Sources said the government likely cancelled two planned LNG cargoes as the Zohr gas field ramps up production to 1.75 bcf\/d by August. <strong>That means LNG imports are just about done: <\/strong>Domestic production will be enough to cover local demand in Q3 of this year, El Molla told the press yesterday, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-06-23\/egypt-may-have-issued-last-lng-tender-paving-way-for-exports\">according to Bloomberg<\/a>, and there are no imports planned for Q4. <strong>Natural gas imports by 4Q18 \/ 1Q19? <\/strong>When we have natural gas surplus to domestic demand, Egypt will begin \u201ccompensating companies that have rights to operate the country\u2019s LNG export terminals, including Royal Dutch Shell Plc and Union Fenosa SA,\u201d according to the minister.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>INVESTMENT WATCH- Did Eni pledge USD 3 bn in investments in Egypt? Eni plans to allocate USD 3 bn in new investments in Egypt over \u201cthe coming period,\u201d Eni CEO Claudio Descalzi said, according to a purported statement from the Oil Ministry floating around in the local press on Thursday. The company\u2019s investments in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-628048","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f068298d-e516-4658-aaeb-0d0a982726a1","order":"0","is_powered_by":true,"section_story_id":"df65e825-450f-4737-aef8-9552c08bf292","story_type":"1","photo_url":"","photo_position":"above","related_issue":[628029],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Did Eni pledge USD 3 bn in investments in Egypt? Plus: We could be exporting natural gas by year\u2019s end, early 2019 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/did-eni-pledge-usd-3-bn-in-investments-in-egypt-plus-we-could-be-exporting-natural-gas-by-years-end-early-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did Eni pledge USD 3 bn in investments in Egypt? Plus: We could be exporting natural gas by year\u2019s end, early 2019\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT WATCH- Did Eni pledge USD 3 bn in investments in Egypt? Eni plans to allocate USD 3 bn in new investments in Egypt over \u201cthe coming period,\u201d Eni CEO Claudio Descalzi said, according to a purported statement from the Oil Ministry floating around in the local press on Thursday. The company\u2019s investments in the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/did-eni-pledge-usd-3-bn-in-investments-in-egypt-plus-we-could-be-exporting-natural-gas-by-years-end-early-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-24T04:29:36+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/did-eni-pledge-usd-3-bn-in-investments-in-egypt-plus-we-could-be-exporting-natural-gas-by-years-end-early-2019\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/did-eni-pledge-usd-3-bn-in-investments-in-egypt-plus-we-could-be-exporting-natural-gas-by-years-end-early-2019\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Did Eni pledge USD 3 bn in investments in Egypt? 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According to the statements, Descalzi discussed potential future investments by the firm and the status of the current development of\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":605641,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/04\/eni-friends-to-invest-usd-7-7-bn-in-egypt-in-four-years\/","url_meta":{"origin":628048,"position":1},"title":"Eni + Friends to invest USD 7.7 bn in Egypt in four years","author":"enterpriseam admin","date":"4 September 2023","format":false,"excerpt":"Eni chief Claudio Descalzi held talks with the president yesterday, one week after the CEO of BP was in town","rel":"","context":"In &quot;INVESTMENT EIT&quot;","block_context":{"text":"INVESTMENT EIT","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-eit\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/88.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578870,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/elsewedy-electric-to-build-300-mw-solar-station-in-saudi-arabia-enis-descalzi-sits-down-with-el-sisi\/","url_meta":{"origin":628048,"position":2},"title":"Elsewedy Electric to build 300 MW solar station in Saudi Arabia + Eni\u2019s Descalzi sits down with El Sisi","author":"enterpriseam admin","date":"17 January 2023","format":false,"excerpt":"Elsewedy Electric is upping its solar energy game: Elsewedy Electric for Transmission and Distribution, a subsidiary of Elsewedy Electric, signed a USD 176.1 mn turnkey contract to build a 300-MW solar power station for Saudi Arabia\u2019s Al Ghazala Energy, according to a statement(pdf) by the company. Elsewedy \u201cwill mainly focus\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/274.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554240,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/27\/eni-commits-usd-1-bn-to-oil-exploration-in-suez-gulf-nile-delta\/","url_meta":{"origin":628048,"position":3},"title":"Eni commits USD 1 bn to oil exploration in Suez Gulf + Nile Delta","author":"enterpriseam admin","date":"27 December 2021","format":false,"excerpt":"Eni to invest at least USD 1 bn on oil production in Suez Gulf, Nile Delta: Italian energy firm Eni has signed an agreement with the state-owned Egyptian General Petroleum Corporation (EGPC), committing Eni to spending a minimum USD 1 bn on exploration and extraction in the Gulf of Suez\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/491.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631073,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/08\/el-sisi-descalzi-discuss-enis-work-in-egypt\/","url_meta":{"origin":628048,"position":4},"title":"El Sisi, Descalzi discuss Eni\u2019s work in Egypt","author":"enterpriseam admin","date":"8 March 2018","format":false,"excerpt":"President Abdel Fattah El Sisi sat down yesterday with Eni CEO Claudio Descalzi to follow up on the Italian company\u2019s projects in Egypt, including the Zohr gas field, according to an Ittihadiya statement (pdf).","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549414,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/15\/eni-wants-to-go-big-on-lng-and-thats-good-for-egypt\/","url_meta":{"origin":628048,"position":5},"title":"Eni wants to go big on LNG, and that\u2019s good for Egypt","author":"enterpriseam admin","date":"15 September 2022","format":false,"excerpt":"Eni wants Italy to go big on LNG: Italy must boost its LNG import capacity starting 2023 to be able to receive more imports, Eni\u2019s CEO Claudio Descalzi said yesterday, according to Reuters. 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