Iftar Timings Mar 29 - Ramazan 18

Lahore
LHR
06:20 PM
Karachi
KHI
06:47 PM
Islamabad
ISB
06:26 PM
Peshawar
PWR
06:31 PM
Quetta
QTA
06:49 PM

News

Italy s Eni signs 8b gas deal as Meloni visits Libya

January 28, 2023 11:30 PM


Italian energy giant Eni signed an $8 billion gas deal with Libya's state-run National Oil Corporation Saturday as Prime Minister Giorgia Meloni visited Tripoli.

European governments have been scrambling to find alternatives to Russian gas since last year's invasion of Ukraine saw deliveries slashed to less than half their pre-war levels, sending prices soaring to record highs and triggering costly state subsidies to protect consumers.

Eni said it was the first major project in Libya since early 2000 and involved the development of two offshore gas fields.

"The combined gas production from the two structures will start in 2026 and reach a plateau of 750 million of standard gas cubic feet per day," Eni said in a statement.

"Production will be ensured through two main platforms tied in to the existing treatment facilities at the Mellitah Complex," 80 kilometres (50 miles) west of the capital, it added.

"The project also includes the construction of a carbon capture and storage (CCS) facility at Mellitah, allowing a significant reduction of the overall carbon footprint," the company added.

"The overall estimated investment will amount to $8 billion, with significant impact on the industry and the associated supply chain, allowing a significant contribution to the Libyan economy."

Eni has an 80 percent share of Libya's gas production.

The agreement was signed in the presence of Meloni and her host Abdulhamid Dbeibah, who heads the UN-brokered Government of National Unity which is contested by a rival administration in the east.

Her visit is the first by a European leader to war-battered Libya since her predecessor Mario Draghi's visit in April 2021.

Meloni also visited Algeria this week seeking supply deals from Africa's top gas exporter.

During her trip to Libya, she was expected to discuss the issue of migration amid rising numbers of irregular migrants from Libya to Italy.

Libya is a conduit for thousands of people each year fleeing conflict and poverty across Africa, seeking refuge across the Mediterranean in Europe.

Meloni's far-right government took office in October, vowing to stop migrant landings in Italy, which reached more than 105,000 in 2022.

 

 



Most Read

  1. Man murders young sister by smothering her with pillow in Toba Tek Singh Man murders young sister by smothering her with pillow in Toba Tek Singh
  2. Aitchison College students, parents stage protest against principal’s resignation Aitchison College students, parents stage protest against principal’s resignation
  3. Five Chinese among six killed in Shangla suicide bombing Five Chinese among six killed in Shangla suicide bombing
  4. Sahiba meets her father for the first time Sahiba meets her father for the first time
  5. Maaz Safder regrets 4-year relationship with wife Saba Maaz Safder regrets 4-year relationship with wife Saba
  6. ‘Khaie's incredible ending receives rave reviews and big applause ‘Khaie's incredible ending receives rave reviews and big applause

Opinion

  1. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  2. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  3. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  4. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  5. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  6. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer