Reuters reported that Italy's Eni plans to invest USD 8 billion in Libya over the next 10 years to develop its upstream business as it moves to strengthen its grip as the leading international oil and gas producer in the country.
Eni in a statement said that Mr Paolo Scaroni CEO of Eni had presented the plan to Libyan Prime Minister Mr Ali Zidan and Petroleum Minister Mr Abdelbari Al-Arusi in Tripoli.
It said that the investments are designed to develop ongoing production as well as new exploration activities.
Eni,which has operated in Libya since 1959,had to halt production early in 2011 after civil war broke out.
Some analysts expressed concern at the time a new Libyan government could punish Eni because of lukewarm support offered by the then center right government of Silvio Berlusconi to the opponents of the former regime.
Eni added that the Libyan prime minister had also asked Eni at the meeting if it was prepared 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.
Source-Reuters
