Italian energy group Eni signs deal with Pakistan

[LahoreEstate]

Thursday, March 19, 2009
ROME: Italian energy group Eni said on Wednesday it had signed a cooperation agreement with the government of Pakistan to develop new oil and gas projects.

Eni managing director Paolo Scaroni told a press conference that the company, already the leading energy operator in Pakistan, had signed contracts with two “Pakistani national companies... that will use our technology to promote the country’s industrial development.”

Eni’s target is to double output in Pakistan, currently 56,000 barrels a day, in the next five to six years through the investment of $ 50 to 70 million, Scaroni said. “The offshore sector in Pakistan is very promising,” he said, adding that Eni employees had never faced serious security problems in the country, although access to certain tribal areas remained difficult. Eni, 37 per cent owned by the Italian state, has been operating in Pakistan since 2000 at 21 sites.

In Islamabad, a delegation headed by Paolo Scaroni, CEO/Chairman Eni, met Prime Minister Syed Yousuf Raza Gilani at the PM House on Wednesday. Gilani said Pakistan offers enormous investment opportunities, particularly in the field of hydrocarbons as there was a surge in demand in the energy and power sectors due to high economic growth and improvement in the living standard of the people.

Terming energy exploration as one of the most under-explored sectors in Pakistan, the prime minister said the demand is increasing rapidly and the government is encouraging investment to enhance production in this field.

The prime minister, while commending Eni for its exploration activities, said Pakistan desires that Eni may also expand their activities in the upstream sector. The company primarily focuses in areas of exploration and production, gas and power, refining and marketing, construction and petrochemicals.

http://thenews.com.pk/daily_detail.asp?id=167924