Italian energy giant Eni has announced plans to invest more than €8 billion in Libya over the next four years, aiming to significantly boost the country’s energy production. The announcement was made by Eni CEO Claudio Descalzi during an energy conference held in Ravenna, Italy, as reported by Reuters.
This investment is part of a broader €24 billion initiative targeting Algeria, Libya, and Egypt. Over the same four-year period, Eni plans to direct these funds toward enhancing energy infrastructure and output across Italy’s key partners in the southern Mediterranean region.
The strategy aligns with the Italian government’s broader “Mattei Plan”—a renewed effort to strengthen political and economic ties with African nations. The plan focuses on fostering sustainable development and energy partnerships that serve both Italian and African interests.
Descalzi emphasized the strategic role these North African countries can play in supplying hydrocarbons to Europe, especially amid growing energy demand. However, he noted that foreign investment is essential to help these countries scale up production and address domestic energy needs.