Egypt could become Mediterranean gas hub, says Eni CEO

(AGI) Rome, Oct 14 - Following recent discoveries, Egypt couldbecome a gas hub in the Eastern Mediterranean with an exportcorridor to Europe, said Eni CEO Claudio Descalzi. At a ForeignCommission Senate hearing, Descales said "we discussed ourstrategy in Egypt as part of the Eastern Mediterranean hub,thanks to its infrastructures and its great discoveries, andthe possibility of including and linking Israeli and Cypriotdiscoveries, as well as exports to Italy and Europe." He addedthat Italy's role could grow "because we have theinfrastructures and the storage. We have excess capacity,around 100 billion cubic

(AGI) Rome, Oct 14 - Following recent discoveries, Egypt couldbecome a gas hub in the Eastern Mediterranean with an exportcorridor to Europe, said Eni CEO Claudio Descalzi. At a ForeignCommission Senate hearing, Descales said "we discussed ourstrategy in Egypt as part of the Eastern Mediterranean hub,thanks to its infrastructures and its great discoveries, andthe possibility of including and linking Israeli and Cypriotdiscoveries, as well as exports to Italy and Europe." He addedthat Italy's role could grow "because we have theinfrastructures and the storage. We have excess capacity,around 100 billion cubic metres of gas. We use 65 billion andtherefore could export a reverse flow to Switzerland, Austriaand Germany. In this respect, both Italy and Spain could play aprominent role. Egypt has taken on a new lease of life and,furthermore, has the facilities. This is important, because itmeans lower investments and faster growth. It is a majoropportunity for Egypt, for the whole region, and also forEurope." In response to a question on the effects of doublingthe capacity of the Suez Canal, Mr Descalzi stressed that theworks "would have largely positive effects on Egypt'stransport. This might further benefit gas from Mozambique, andtherefore facilitate interchange and transport in terms ofspeed." (AGI).