{"id":9843,"date":"2024-02-17T04:15:11","date_gmt":"2024-02-17T04:15:11","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9843"},"modified":"2024-02-17T04:15:11","modified_gmt":"2024-02-17T04:15:11","slug":"egypt-has-not-stopped-paying-energy-groups-eni-ceo-says","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9843\/","title":{"rendered":"Egypt has not stopped paying energy groups, Eni CEO says"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Egypt is continuing to pay energy groups despite the difficult situation it is going through because of the conflict in Gaza, the Chief Executive of Italy’s Eni Claudio Descalzi said on Friday.<\/p>\n

The north African country is struggling as all its main sources of foreign currency – natural gas exports, tourism, worker remittances from abroad, and now Suez Canal revenue – have come under pressure, reducing its ability to pay its debt towards foreign investors.<\/p>\n

Answering a question on whether Eni was experiencing an increase in receivables from Egypt, Descalzi said that the country was showing a positive attitude towards companies investing in the country.<\/p>\n

“There is a small, marginal build up, but they (Egypt) are paying … maybe little instalments, but they are paying… there is the willingness to protect investors,” Descalzi said in a post results conference call with analysts.<\/p>\n

Gas import from Israel to Egypt was impacted by the Israeli-Palestinian conflict last year, hitting Egypt’s ability to export liquefied natural gas (LNG), Eni’s Chief Operating Officer for Natural Resources Guido Brusco said in the call.<\/p>\n

“For Eni’s side, we have seen three (LNG) cargoes in December and we are foreseeing eight to ten cargoes in the coming months,” Brusco said.<\/p>\n

Earlier on Friday, Eni reported fourth-quarter adjusted net profit of 1.64 billion euros, which beat analysts’ forecasts thanks to a strong performance from its gas and LNG division that included a one-off arbitration.<\/p>\n

The group does not expect any impact from arbitrations this year, the head of the division said.<\/p>\n

Speaking about the low-carbon unit Plenitude, the group’s Chief Financial Officer confirmed the plan to list it and added the company would monitor the financial markets in 2024 and 2025 to grab the right window of opportunity.<\/p>\n

($1 = 0.9287 euros)<\/p>\n

Updated on