Italian energy company Eni plans to increase investments in Egypt to $3.5 bilion in 2017

Italian energy company Eni plans to increase its energy exploration investments in Egypt to $3.5 billion in 2017, the company’s CEO Claudio Descalzi said on Thursday after a meeting with Egyptian President Abdel-Fattah El-Sisi. Descalzi briefed the Egyptian President on the latest developments regarding the massive Zohr gas field recently discovered off the Mediterranean coast, saying production is expected to start before the end of the year, a presidency statement read. Zohr, discovered by Eni in August 2015, is the largest gas field in the Mediterranean with an estimated 850 billion cubic metres of gas.