Italy's Eni Signs $8 Bn Gas Deal As Meloni Visits Libya
Sumaira FH Published January 28, 2023 | 11:29 PM
Italian energy giant Eni signed an $8 billion gas deal with Libya's state-run National Oil Corporation Saturday as Prime Minister Giorgia Meloni visited Tripoli
Tripoli, (APP - UrduPoint / Pakistan Point News - 28th Jan, 2023 ) :Italian energy giant Eni signed an $8 billion gas deal with Libya's state-run National Oil Corporation Saturday as Prime Minister Giorgia Meloni visited Tripoli.
European governments have been scrambling to find alternatives to Russian gas since last year's invasion of Ukraine saw deliveries slashed to less than half their pre-war levels, sending prices soaring to record highs and triggering costly state subsidies to protect consumers.
Eni said it was the first major project in Libya since early 2000 and involved the development of two offshore gas fields.
"The combined gas production from the two structures will start in 2026 and reach a plateau of 750 million of standard gas cubic feet per day," Eni said in a statement.
"Production will be ensured through two main platforms tied in to the existing treatment facilities at the Mellitah Complex," 80 kilometres (50 miles) west of the capital, it added.
"The project also includes the construction of a carbon capture and storage (CCS) facility at Mellitah, allowing a significant reduction of the overall carbon footprint," the company added.
"The overall estimated investment will amount to $8 billion, with significant impact on the industry and the associated supply chain, allowing a significant contribution to the Libyan economy." Eni has an 80 percent share of Libya's gas production.
The agreement was signed in the presence of Meloni and her host Abdulhamid Dbeibah, who heads the UN-brokered Government of National Unity which is contested by a rival administration in the east.
Her visit is the first by a European leader to war-battered Libya since her predecessor Mario Draghi's visit in April 2021.
Meloni also visited Algeria this week seeking supply deals from Africa's top gas exporter.
During her trip to Libya, she was expected to discuss the issue of migration amid rising numbers of irregular migrants from Libya to Italy.
Libya is a conduit for thousands of people each year fleeing conflict and poverty across Africa, seeking refuge across the Mediterranean in Europe.
Meloni's far-right government took office in October, vowing to stop migrant landings in Italy, which reached more than 105,000 in 2022.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 8 May 2024
Today Gold Rate in Pakistan 08 May 2024
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
UAE President receives condolences of Prime Minister of Pakistan over passing of ..
ECC approves to enhance wheat procurement targets
UN urges Israel to 'stop escalation' as tanks enter Gaza's Rafah city
EU stumps up $125 mn for Yemen after aid groups' plea
Governor Tessori condemns May 9 riots, calls it a 'pre-planned conspiracy'
PM condoles with UAE President over Sheikh Tahnoun’s death
Milan nets Giro 4th stage, Pogacar retains lead
UBS back in profit after Credit Suisse takeover losses
More Stories From World
-
150,000 people expected as Olympic flame arrives in France
10 minutes ago -
Pakistani beef promoted in Pakistan National Pavilion to tap China's market
20 minutes ago -
'A blessing': Rains refill Iraq's drought-hit reservoirs
20 minutes ago -
Is Brazil still the land of football?
30 minutes ago -
Toyota posts record yearly net income, revenue
30 minutes ago -
Top-seeded Celtics, Thunder win playoff openers
40 minutes ago
-
N. Macedonia polls set to upend ties with EU neighbours
40 minutes ago -
In Orban's Hungary, Xi to see China's best friend in EU
40 minutes ago -
Florida judge indefinitely postpones Trump documents trial
40 minutes ago -
'No one expected us' says Reus as Dortmund return to Wembley
40 minutes ago -
Brazilians queue for precious water as flood damage intensifies
40 minutes ago -
Milking venom from Australia's deadly marine animals
1 hour ago