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Vittorio Mincato Eni's CEO meets International Investors and Analysts in Egypt and Libya

Source: www.oilegypt.com 10/26/2004, Location: Africa

Mr. Vittorio Mincato, Chief Executive Officer of Eni, presented today, during a meeting with international investors and analysts in Cairo, Eniís relevant production and gas sales results in the first nine months of the year as well as the outstanding delivery on key gas integrated projects in Egypt and Libya.

The event, which includes the visit to Damietta LNG plant in Egypt and to Mellitah gas treatment plant in Libya, is part of the recurring meetings with the financial community organized in the Countries with a high potential for production growth, where Eni plays a leading role. The latest meetings were held in Kazakhstan and Nigeria.

ďThe Western Libya gas Project and the Damietta LNG plant in Egypt Ė said Mr. Vittorio Mincato Ė are both perfectly on track in terms of the initial time and budget and represent an important contribute to Eniís strategic targets achievement. These two projects underline Eniís ability in fully capturing the value along the entire gas chain and in monetizing our equity gas to match the growing gas demand in EuropeĒ. During the meeting the financial community was informed on the first nine months total hydrocarbon production trend that reached around 1.6 million barrels per day, increasing by around 4% in comparison to the same period in 2003 (6% excluding the PSA1 effect).

The production growth is in line with the target of 1.7 million barrels per day, excluding the PSA effect, which is expected in the fourth quarter 2004, thanks to the start-ups on time of all the projects scheduled for the period: South Pars in Iran, Rod in Algeria and Wafa in Libya. As for the Gas&Power business, the first nine months results also highlight the relevant increase in the overall gas sales that reached 61 billion cubic metres, a rise of around +10%. Such a growth is mainly driven by gas sales abroad that were around 22 billion cubic metres. In particular, gas sales in Europe exceeded 20 billion cubic meters with a 26% increase on the same period of last year.

The Western Libyan Gas project, one of the most important integrated gas project in the Mediterranean Basin, has been conceived to enhance the value of Eniís equity gas in Libya through export and marketing in Europe. The gas produced in the Wafa field in the desert and the Bahr Essalam offshore field is sent to Mellitah, on the Libyan coast, and then transported to Italy through the Greenstream sub sea pipeline. Eniís partner in the project is NOC, the Libyan State company. The project was launched in 1999 and was completed on schedule for a total investment of around 7 billion euro, Eni share around 3.7 billion.

The Damietta LNG plant plays a key role in the integrated gas project that Eni is realizing in Egypt, where Eni is the first international operator. The Terminal, with a liquefaction capacity of 7 billion cubic meters per year, will mainly process Eniís equity gas extracted in the offshore fields in the Mediterranean Region. Located offshore the Mediterranean coast, North-West Damietta Port, the plant will produce liquefied natural gas primarily directed to the valuable markets of the Iberian Peninsula. The construction of the Damietta LNG plant, for an investment of 1.2 billion euro, started in the second half of 2001 and will be in operation by the end 2004.



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