April 17, 2024
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OIL & GAS

Eni CEO: Egypt Continues Energy Payments Amidst Economic Challenges

Claudio Descalzi, Chief Executive of Italy’s Eni, stated on Friday that Egypt remains committed to paying energy groups despite economic difficulties exacerbated by the conflict in Gaza.

Descalzi noted Egypt’s struggles due to pressure on its main sources of foreign currency, including natural gas exports, tourism, worker remittances, and Suez Canal revenue, hindering its ability to meet debt obligations to foreign investors.

Responding to inquiries about Eni’s receivables from Egypt, Descalzi mentioned a positive attitude from the country towards investors, despite a marginal build-up of receivables. He highlighted Egypt’s willingness to protect investors and affirmed ongoing payments, albeit in smaller instalments.

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Guido Brusco, Eni’s Chief Operating Officer for Natural Resources, addressed the impact of the Israeli-Palestinian conflict on gas imports from Israel to Egypt, affecting Egypt’s liquefied natural gas (LNG) exports. He indicated Eni’s expectation of increased LNG cargo in the coming months.

Eni reported a fourth-quarter adjusted net profit exceeding analysts’ forecasts, attributed to strong performance in its gas and LNG division, which included a one-off arbitration. The company anticipates no arbitration-related impacts this year.

Regarding its low-carbon unit, Plenitude, Eni’s Chief Financial Officer confirmed plans for a listing and stated intentions to monitor financial markets in 2024 and 2025 to capitalize on suitable opportunities.

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