The hottest Italian Eni invested $2billion in Egyp

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Italy Eni invested $2billion in Egypt's oil industry

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on June 1, Eni, an Italian multinational oil and gas company, signed a new agreement with Egyptian oil company, which amended the oil agreement previously signed by the two parties. Eni will invest $2billion in the Egyptian oil industry. The agreement calls for terminating the revision procedure of the oil agreement and starting action plan projects, including changing the price of natural gas in some agreements. According to this agreement Eni and its partners invested nearly US $2billion in the Egyptian oil industry. US $1.5 billion will be used for oil field exploration, development and operation activities in Sinai and Abu m that cannot cope with the vicious price war in ADI region; 360million for other activities including drilling five oil wells in northern port said; US $80million for the repair of an oil well in baltim oilfield and the drilling of a new oil well; US $40million for asharfi oil field in the Gulf of Suez

the agreement also includes 100 non refundable signing awards of US $0 million, which have also been recognized by the majority of users, and a five-year refundable signing award of about US $505million. Both parties agreed to use these signing grants to reduce the signing fee that Eni should give to Egyptian oil company by calling Jinan new era assay instrument Co., Ltd

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