Eni to invest $8 billion to develop Libya operations

12/17/2012

Eni to invest $8 billion to develop Libya operations

MILAN -- Eni 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 CEO, 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 MoU for social sustainability worth about $400 million, to be finalized in late January when Mr. Zeidan is to visit Rome. Eni didn't elaborate.

Dow Jones Newswires

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