ENI Plans Big Investment for Libya
ENI plans to invest $8 billion in the North African country of Libya over the coming decade. The investment is aimed at developing its upstream business as it moves to solidify its position as the country’s number one international producer.
In a statement the Italian firm’s chief executive Paolo Scaroni reported that the company had presented the plan to Libyan Prime Minister Ali Zidan and Minister of Petroleum Abdelbari al Arusion.
The investments are designed to develop ongoing production as well as new exploration activities, the statement said.
ENI reported that the Libyan prime minister had asked at the meeting if the company was prepared 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."
The city of Benghazi was the stronghold of the former Libyan rebels in their struggle against the Tripoli-based Qaddafi regime.
The company also said a social sustainability agreement, worth about $400 million, had also been discussed, adding it could be signed during Ali Zidan’s visit to Italy in early-2013.
Be Sociable, Share!
Follow us on Twitter!
www.twitter.com/africabizz
https://twitter.com/Quantusbabes www.twitter.com/BizNewsGhana https://twitter.com/AfricaOilBiz