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Eni to Invest $8 Billion to Boost Libya Production

Source: www.gulfoilandgas.com 12/16/2012, Location: Africa

Libyan Prime Minister Ali Zidan, the Libyan Minister of Petroleum Abdelbari al Arusi, and Eniís CEO Paolo Scaroni, met 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 Zidanís 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 countryís total production and an equity production of approximately 80% of production before the revolution.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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