Eni to invest $8bn to develop Libya operations

17 December 2012, Dow Jones Newswire, MILAN — Italian energy company Eni SpA (ENI.MI) Sunday said it planned to invest $8 billion in Libya over the next 10 years to develop its production activities as well as conduct more exploration in the north African country.

Eni made the announcement after its chief executive, Paolo Scaroni, presented the plan to Libyan Prime Minister Ali Zeidan and Petroleum Minister Abdelbari al-Arusi at a meeting in the capital, Tripoli.

Eni is the largest foreign energy group in the country. Prior to the war that ousted former leader Moammar Gadhafi, it was responsible for about a third of the country’s total oil production.

Eni also said they discussed a memorandum of understanding for social sustainability worth about $400 million, to be finalized in late January when Mr. Zeidan is to visit Rome. Eni didn’t elaborate.
*Gilles Castonguay

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  • Nigeria must consciously court such investments and not antagonise multinationals that are ready and willing to make such investment.