Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, and Mr. Diego Portoghese, Eni's Head of North Africa and Levant Region, witnessed the signing of a binding Memorandum of Intent (MoI) between the Egyptian General Petroleum Corporation (EGPC) and Eni, on the renewal of North Port Said concession, reflecting mutual trust and a shared desire to expand strategic cooperation between both parties.
The North Port Said concession includes El Gamil strategic facilities, which serve as a primary gas processing hub for both current and future projects in the area.
The MoI was signed by Eng. Salah Abdel Karim, CEO of EGPC, and Mr. Francesco Gasparri, General Manager of Eni Egypt, in the presence of Eng. Mahmoud Abul Yazid, Deputy General Manager of Eni Egypt.
Eng. Karim Badawi Witnesses the Signing of MOI with Eni - 2
The MOI outlines the core principles of the future work program and serves as a preliminary step toward signing subsequent agreements aimed at establishing a framework for new investment commitments.
Following the signing, the Minister asserted the significance of the strategic partnership with Eni, highlighting that this memorandum strengthens the company's presence in Port Said. He also pointed out that the agreement falls within the Ministry's efforts to provide an attractive and stimulating business environment for pumping more investments. Furthermore, it aims to accelerate the pace of exploration and development of untapped discoveries, while maintaining existing facilities in the area due to their strategic importance in supporting and maximizing production stability.
Eng. Karim Badawi Witnesses the Signing of MOI with Eni - 3
