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Eni assesses ties to Egypt

Sept. 25, 2012 at 8:28 AM
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CAIRO, Sept. 25 (UPI) -- The top executive from Italian energy company Eni met with Egyptian officials to discuss the potential in the country, more than a year after the revolution.

Eni Chief Executive Officer Paolo Scaroni met in Cairo with Egyptian Prime Minister Hesham Kandil. The Italian company described the meeting as "cordial and constructive."

"Eni's CEO shared the developments and results of the company's ongoing activities in the country with the prime minister, affirming Eni's positive vision of the perspectives and the exploration potential that the country presents," the company said in a statement.

Eni during the summer said the Seth natural gas field about 37 miles off the coast of Egypt in the Mediterranean Sea could eventually produce around 169 million cubic feet of natural gas per day.

The Italian company said it's the largest producer in Egypt, producing around 240,000 barrels of oil equivalent per day last year.

Egyptian President Mohammed Morsi is expected to discuss the economic situation in his country while in the United States for the U.N. General Assembly. Cairo in August said it seeking a $4.8 billion loan from the International Monetary Fund to help boost an economy struggling to recover from the pressure of last year's revolution.

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