Advertisement

Meloni visits Tripoli as Italian oil giant Eni signs $8B deal with Libya

Prime Minister Giorgia Meloni visited Tripoli on Saturday as the Italian oil giant Eni signed an $8 billion deal with Libya to increase gas production and supply to the African nation. Photo courtesy of Giorgia Meloni/Twitter
Prime Minister Giorgia Meloni visited Tripoli on Saturday as the Italian oil giant Eni signed an $8 billion deal with Libya to increase gas production and supply to the African nation. Photo courtesy of Giorgia Meloni/Twitter

Jan. 28 (UPI) -- Prime Minister Giorgia Meloni visited Tripoli on Saturday as the Italian oil giant Eni signed an $8 billion deal with Libya to increase gas production and supply to the African nation.

"Positive mission of the Italian Government today in Tripoli. Important agreements signed on cooperation, energy and the fight against irregular immigration," Meloni said in a statement on Twitter.

Advertisement

"We also expressed full readiness to facilitate the path towards legitimate elections and stabilization of Libya."

Meloni on Saturday met with Libyan Prime Minister Abdul Hamid Dbeibeh as well as Libya's Foreign Minister Najla Elmangoush and Mohamed Yunus al-Menfi, the chairman of Libya's presidential council.

The meeting came as Eni announced in a news release that the company's chief executive, Claudio Descalzi, had signed a deal with Farhat Bengdara, the CEO of the National Oil Corporation of Libya, in the presence of the leaders of the two countries.

The deal centers on the development of two offshore gas fields in Libya, which are expected to begin gas production in 2026.

The company expects that the "Structures A&E" project will produce around 750 million of standard gas cubic feet per day.

Advertisement

"Production will be ensured through two main platforms tied-in to the existing treatment facilities at the Mellitah Complex," Eni said in the statement.

"The project also includes the construction of a carbon capture and storage facility at Mellitah, allowing a significant reduction of the overall carbon footprint, in line with Eni's decarbonization strategy."

Eni added that the $8 billion investment will also mark a "significant contribution to the Libyan economy."

"This agreement will enable important investments in Libya's energy sector, contributing to local development and job creation while strengthening Eni's role as a leading operator in the country," Descalzi said in the statement.

Elmangoush praised Meloni for her "historical and strategic visit" on Saturday.

"We prioritized ways to strengthen our friendship and cooperation in various sectors," she said. "A pleasure to receive them and looking forward to welcoming them again in Libya soon."

Bengdara noted to ANSA that the deal is the most significant investment into Libya's energy sector in more than 25 years, adding that "it is a clear message to the international business community that the Libyan state has overcome its phase of political risks."

Latest Headlines