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Italian multi-national billion euro investment in Libya

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Italian multi-national billion euro investment in Libya

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Italy’s multi national oil and gas company Eni plans to invest six billion euros in Libya over the next 10 years.

The move is designed to develop ongoing production as well as exploration activities. It will strengthen the company’s grip as the leading international oil and gas producer in the country.

Eni which has operated in Libya since 1959 had to halt production early in 2011 after civil war broke out.

It currently produces about one third of Libya’s total output and was the first international company to resume production in September last year.