{"id":207587,"date":"2021-09-01T05:35:46","date_gmt":"2021-09-01T05:35:46","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=207587"},"modified":"2021-09-01T05:35:46","modified_gmt":"2021-09-01T05:35:46","slug":"italian-eni","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/italian-eni\/","title":{"rendered":"Italian company Eni to invest $20 billion in the Gulf"},"content":{"rendered":"<p>The Italian company, Eni, plans to invest about $20 billion in the Gulf region over the next five years.<\/p>\n<p>The company&#8217;s president, Claudio Descalzi, said the Gulf remains a strategic area for the Italian energy group.<\/p>\n<p>&#8220;It&#8217;s for sure a strategic area for us, not just for investing but investing in the energy transition,&#8221; Claudio Descalzi said in an online conference.<\/p>\n<h2><strong>Italian Eni<\/strong><\/h2>\n<p>Earlier this year, Eni unveiled some of the most ambitious climate goals in the energy sector as it ramps up decarbonization efforts.<\/p>\n<p>Eni, the National Hydrocarbons Agency, is a giant Italian oil exploration and extraction company with a presence in more than 85 countries.<\/p>\n<p>Founded after World War II to meet Italy&#8217;s oil needs, it has now become one of the largest European oil groups, comprising a number of small and medium-sized companies.<\/p>\n<p>The reason for the company&#8217;s growth so fast may be its investment in the Soviet Union, communist Europe, Libya and Iran during the Cold War.<\/p>\n<p>The company also manufactures and constructs offshore oil and gas platforms. It has made several gas discoveries in the eastern Mediterranean region in Egypt and Cyprus.<\/p>\n<h2><strong>Reserve assets<\/strong><\/h2>\n<p>In a separate context, the total foreign reserve assets in the Arab Gulf countries increased by 1.3% in the month of June.<\/p>\n<p>This came according to recent data by the Gulf Statistics Center, which rose due to the recovery in oil prices.<\/p>\n<p>The center said in a statement published on its electronic platform that the total reserve assets of the countries of the region amounted to $664.9 billion last June, compared to $656.7 billion in the previous May.<\/p>\n<p>Saudi Arabia accounted for the largest share of total foreign assets at 97 percent, equivalent to $446 billion, while the UAE ranked second with 16.7 percent, equivalent to $110.8 billion.<\/p>\n<p>The rest of the other Gulf countries accounted for 16.2 percent of the total reserve assets; Kuwait has $45.6 billion in assets, followed by Qatar with $40.9 billion, Oman with about $17.5 billion, and finally Bahrain, which is the smallest Gulf economy in size with just over $4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Italian company, Eni, plans to invest about $20 billion in the Gulf region over the next five years. The company&#8217;s president, Claudio Descalzi, said the Gulf remains a strategic area for the Italian energy group. &#8220;It&#8217;s for sure a strategic area for us, not just for investing but investing in the energy transition,&#8221; Claudio [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":207588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278],"class_list":["post-207587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Italian company Eni to invest $20 billion in the Gulf | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - The Italian company, Eni, plans to invest about $20 billion in the Gulf region over the next five years, according to the company&#039;s president.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/italian-eni\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Italian company Eni to invest $20 billion in the Gulf | BNReport\" \/>\n<meta property=\"og:description\" content=\"BNReport - 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