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Sunday, 7 August 2016

Descalzi says Egypt and Israel need each other, can work together

Eni chief Descalzi has high hopes for Egypt: Paul Barrett interviewed Eni’s CEO Claudio Descalzi for Bloomberg: Descalzi, one of Egypt’s BFFs, as we called him in our 2015 year-in-review, believes he can unite the interests of Egypt and Israel. Descalzi has high hopes for Egypt, which he says “will be completely self-sufficient. At the end, they’ll also export energy. It will create stability in Egypt. They can create cash flow selling gas and promote their own development. Then they can aggregate. They can create a hub with Israel, with Cyprus, in the future with Libya. They can be one of the solutions for European energy security.” He also believes that Egypt can work with Israel well because they “need each other” and “can share facilities.” Globally, Descalzi attributes Eni’s success to keeping costs down saying their breakeven price is now at USD 27 per bbl.

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