Italian energy giant Eni plans to invest approximately €24 billion ($26.2 billion) in Algeria, Libya, and Egypt over the next four years, CEO Claudio Descalzi announced Tuesday, as part of efforts to expand energy output and strengthen Italy’s ties with Africa.
The investment aligns with the Italian government’s broader Mattei Plan, aimed at revitalizing economic and political partnerships across the African continent.
Speaking at an energy conference in Ravenna, Descalzi emphasized the strategic importance of North African countries in supplying hydrocarbons to Europe, but noted that rising domestic demand and aging infrastructure require significant external funding.
“Internal demand in these countries is growing by 7–8% annually due to demographic trends,” he said. “They need gas—and they need investment.”
Eni will commit more than €8 billion each to Algeria and Libya, and a similar amount to Egypt, Descalzi said.
Eni has long been a key player in North Africa’s energy sector, particularly in Egypt, where it discovered the Zohr offshore gas field in 2015. Although Egypt once aimed to become a major gas exporter, production has declined steadily since 2021, hitting a six-year low in 2024.
To bolster exports, Egypt and Cyprus signed a deal earlier this year to process Cypriot offshore gas in Egypt, with Eni managing the liquefaction and re-export to European markets.