Libyan Prime Minister Ali Zidan, Oil Minister Abdelbari al Arusiand Eni's CEO Paolo Scaroni meet in Tripoli

Monday, December 17, 2012
  • During the meeting, which was held in an atmosphere of cordiality, Paolo Scaroni presented an investment plan worth $8 billion for the development of ongoing production and new exploration activities over the next 10 years.

During the meeting, which was held in an atmosphere of cordiality, Paolo Scaroni presented an investment plan worth $8 billion for the development of ongoing production and new exploration activities over the next 10 years.

Libyan Prime Minister Ali Zidan, the Libyan Minister of Petroleum Abdelbari al Arusi, and Eni's CEO Paolo Scaroni, met today in Tripoli to discuss Eni's activities and future projects in the country.

During the meeting, which was held in an atmosphere of cordiality, Paolo Scaroni presented an investment plan worth $8 billion for the development of ongoing production and new exploration activities over the next 10 years.

The parties also discussed the Memorandum of Understanding for social sustainability, worth approximately $400 million, which will be finalized in the coming weeks. The common goal is to sign the Memorandum during Prime Minister Ali Zidan's visit to Rome, scheduled for late January 2013.

The Prime Minister also asked whether Eni would be available to develop new projects in the downstream sector in conjunction with the new branch of the National Oil Corporation, which will be based in Benghazi.

Eni has been present in Libya since 1959 and is the largest international oil company operating in the country, responsible for approximately one third of the country's total production and an equity production of approximately 80% of production before the revolution.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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