2023-12-16 19:32:55
Italy is ready to invest in Africa both to obtain the energy necessary for economic growth and to combat migratory flows, Eni CEO Claudio Descalzi said on Saturday.
Last year, state-owned Eni, Italy’s top importer of natural gas, countered falling Russian supply by shipping increased volumes from Africa, where it has had a presence for decades.
Strengthening ties between Italy and the continent could bring mutual benefits, Descalzi said, noting that China has been present in Africa for 30 years to obtain oil, gas and essential materials.
“Italy is ready to invest in Africa… it is also a necessity because energy now flows from south to north and we must be the ones who guide this flow for our good and that of Africa,” Descalzi said at a political event in Rome organized by Prime Minister Georgia Meloni’s party.
Mr Meloni’s government has drawn up plans to make Italy an energy gateway between Europe and Africa, capitalizing on demand from neighbors seeking to reduce their dependence on Russia.
So far, few details of the government’s diplomatic plan have been disclosed, but concrete initiatives regarding Africa could be announced next year, when Italy holds the rotating presidency of the Group of Seven.
Descalzi said that, so far, foreign investment in Africa has not triggered self-sustaining development, adding that Italy could face even greater migration flows with the African population expected to reach 1.8 billion inhabitants by 2030.
Eni recently announced a multi-year investment plan of more than $7 billion in Egypt. She also signed an investment of several billion euros in Libya and launched the creation of agri-food centers in several African countries to cultivate seeds for the production of biofuels. (Reporting by Francesca Landini; Editing by David Holmes)
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