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HomeNewsCongo: Italian firm to invest US$1.5 billion in Congo

Congo: Italian firm to invest US$1.5 billion in Congo

Italy-based oil firm, Eni, will invest US$1.5 billion on the exploitation of some deposits recently discovered in Congo, the Chief Executive Officer of the Italian company, Claudio Descalzi, announced here Tuesday at the end of a meeting with the Congolese president, Denis Sassou Nguesso.

According to Descalzi, several deposits have been discovered in the country, the most recent one being found in Nene.

Eni has also unveiled important hydro-fuel deposits off the Congolese coast.

Production at the Nene deposit is scheduled for late 2014, Eni said.

Eni which has been operating in Congo since 1968, the second oil-producing firm in the Central-African country, produces some 105,000 barrels of crude oil per day.

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