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This came during a meeting of Eni CEO with President Abdel Fattah El-Sisi, in the presence of Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi.
Claudio Descalzi, CEO of Italy’s Eni, announced that the company, together with its partners, plans to inject an additional USD 8 billion in investment into the Egyptian market over the next five years, focusing on the development of existing fields and expanding exploration activities.
This came during his meeting with President Abdel Fattah El-Sisi, in the presence of Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi. According to the Presidential Spokesman, President El-Sisi highlighted that the Italian company contributes around 40% of Egypt’s natural gas production, and praised its social responsibility initiatives, including its support for various development projects across the country.
The meeting also reviewed updates on Eni’s current operations and projects in Egypt, as well as the company’s future plans for gas exploration and production. Egypt’s Industrial Production Index of manufacturing and extractive industries, excluding crude oil and petroleum products, fell to 119.60 in September, compared to 126.30 in August, marking a 5.3% decline, according to a report released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
According to the report, the index for computers, electronic and optical products, and medical equipment rose significantly, reaching 78.11 in September, up from 55.66 in August. This 40.33% increase reflects a strong rise in production.
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The paper and paper products industry also saw growth, with the index climbing to 82.17 in September from 75.44 in August, an 8.92% rise driven by higher demand. In contrast, other industries experienced contraction. The beverage industry saw its index drop sharply to 413.49 in September from 622.39 in August, a 33.56% decrease attributed to lower consumption as the winter season approaches.
The ready-made garments sector also declined, with the index falling to 231.05 in September from 278.35 in August. This 16.99% drop reflects current market conditions and weaker seasonal demand.