#AceFinanceNews – EGYPT:July.20: Egypt’s Prime Minister Ibrahim Mahlab will travel to Italy Wednesday for a three-day visit that will see him signing memorandum of understanding (MOUs) on prospective electricity, power and oil deals.
Mahlab will meet with Italian President Sergio Mattarella, government officials and fifteen top businessmen in Italy, said Industry and International Trade Minister Mounir Fakhry Abdel-Nour in a statement reported by state news agency MENA Sunday.
In addition to signing the MOUs, Mahlab is expected to start procedures between the Egyptian and Italian governments for building a new center for furniture production in Damietta-a city on the Nile Delta known for furniture making. Meanwhile, Italy’s Eni has discovered gas reserves of up to 15 billion cubic meters in Egypt’s Nile Delta region, with production set to start in two months, the Egyptian oil ministry said on Monday.
The discovery was made in Western Abu Madi, where Eni holds 75 percent of exploration rights through an Egyptian subsidiary. The oil ministry signed a $2 billion energy deal with Eni in June that for four years of exploration activities in the Sinai, Nile Delta, Suez and Port Said. [Ahram Online, SIS, 7/19/2015]