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Libya gets vote of confidence from Eni

Dec. 17, 2012 at 5:40 AM   |   Comments

TRIPOLI, Libya, Dec. 17 (UPI) -- The Libyan government was presented with an $8 billion investment plan for future production and exploration, Italian energy company Eni said.

Eni Chief Executive Officer Paolo Scaroni met in Tripoli with Libyan Oil Minister Abdelbari al-Arusiand.

"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 company said.

As part of the visit, both sides also discussed a potential $400 million social sustainability project and future downstream work with the Benghazi branch of Libya's National Oil Corp.

Early this month, the Italian energy company said it started onshore exploration work in the Libya's western Sirte Basin. Italy received nearly 10 percent of its natural gas from Libya's Greenstream pipeline before civil war began in February 2011.

Production and exploration were impeded by last year's war, though the oil sector has rebounded. German energy company Wintershall last month said it was planning to build an oil pipeline for the Libyan port of Ras Lanuf in 2013.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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