Cairo: Egypt signed a binding memorandum of intent (MoI) with Italian energy company Eni, reaffirming the company’s commitment to the North Port Said area and strengthening strategic cooperation in the region, the petroleum ministry announced.

According to State Information Service Egypt, the MoI was signed by Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC), and Francesco Gasparri, Eni’s General Manager in Egypt. The signing ceremony was attended by Egypt’s Minister of Petroleum Karim Badawy and Eni’s Deputy General Manager, Mahmoud Abou El Yazid.

The agreement focuses on the strategic North Port Said – El Gamil Onshore facilities, which serve as a crucial gas processing hub for both existing and future projects. It sets the groundwork for a future work programme and is intended to pave the way for subsequent agreements that will establish new investment commitments.

Minister Badawy emphasized that the MoI highlights Egypt’s strategic partnership with Eni and enhances the compan
y’s presence in the Port Said region. He stated that the agreement supports efforts to create an attractive investment environment, expedite the exploration and development of untapped resources, and sustain existing facilities essential for production stability.

The memorandum aligns with Egypt’s broader strategy to draw foreign investment into its energy sector, develop gas resources, and protect vital infrastructure.