Eni's €8 Billion Plan Aims to Rebuild Libya's Oil Industry
Italy is positioning itself as a major catalyst in reshaping Euro-African energy diplomacy, spearheaded by a bold €8 billion investment plan in Libya led by the Italian oil giant Eni.
According to a detailed report by South Africa's Energy Capital & Power, this initiative, dubbed the 'Mattei Plan,' aims to significantly strengthen Italy's economic and strategic ties with Libya, opening new fronts in North African energy cooperation.
Under the Mattei Plan, Eni will divert up to €8 billion into Libya's energy infrastructure. The investment targets a major step-change in bilateral relations after decades of instability, channeling funds into oil and gas fields, production facilities, pipeline networks, and transport links.
Analysts see the move as part of a broader Italian strategy to secure long-term energy partnerships with southern Mediterranean countries, particularly in light of the EU's drive to reduce reliance on Russian gas.
The report highlights the upcoming Libya Energy & Economy Summit in 2026 as a pivotal platform for deepening Libyan-Italian cooperation. The summit is expected to bring together public and private sector leaders to coordinate investment strategies, finalize key projects, and position Libya as a central player in regional energy security.
Libya, alongside Algeria and Egypt, forms a critical pillar of Italy's 'Southern Energy Corridor'. With extensive hydrocarbon reserves, Libya plays a central role in Rome's vision for diversifying energy sources and stabilizing its supply chains. Eni has repeatedly emphasized its belief in Libya's untapped potential and its readiness to invest across multiple sectors—including health, education, renewable energy, and infrastructure—to support broader economic growth and stability.
The plan includes modernizing downstream facilities, expanding local refining capabilities, and developing transport infrastructure to enable Libya to meet domestic demand and increase export volumes. Italian officials and Eni executives argue that these projects will not only support Libya's economic recovery but also promote regional stability and facilitate increased intra-Mediterranean trade. Tags: EnergyEnigasItalylibyaoilOil Industry
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Libya Review
17 hours ago
- Libya Review
Can Benghazi Become Italy's Main Economic Gateway to Libya?
A delegation of around 80 Italian business leaders recently arrived in Benghazi to take part in the Libya–Italy Economic Forum for Reconstruction and Development, signaling a renewed Italian interest in engaging with eastern Libya's economic revival, according to Italy's Nova news agency. The forum marked a turning point in economic engagement between Italy and eastern Libya, bringing new momentum to bilateral trade and investment. According to Nova, the Italian business leaders arrived aboard the first direct ITA Airways flight from Rome to Benghazi. The event, co-organized by the Libyan Ministry of Foreign Affairs and the Libyan Reconstruction and Development Fund, led by Belgassem Haftar, focused on building partnerships in vital sectors such as energy, infrastructure, agriculture, logistics, and industrial manufacturing. Benghazi, once heavily affected by conflict, presented itself as a city in transformation. Nova noted that the Italian delegation visited the newly inaugurated Benghazi International Stadium and the rebuilt University of Benghazi, both symbols of post-war recovery. The skyline of Benghazi is now filled with cranes and ongoing construction projects, with Nova describing it as a dynamic urban landscape comparable to Dubai in the 1980s or Shanghai in the early 2000s. Multiple memoranda of understanding were signed with 98 Italian companies, including major names such as Iveco, Todini, Termomeccanica, and Renco. These agreements target cooperation in sectors ranging from transport and healthcare to environmental solutions and energy management. Nova emphasized that this initiative reflects Italy's strategy of establishing long-term, high-quality business partnerships in eastern Libya. Nicola Colicci, head of the Italian–Libyan Chamber of Commerce, launched a permanent office in Benghazi during the forum, declaring Italy's intention to maintain a stable presence. 'We're not here as short-term visitors,' Colicci said. 'We want to build something lasting with Libya.' This economic forum, supported by the Libyan Reconstruction Fund, is seen as a milestone in repositioning Benghazi as a central hub for foreign investment, with Italy now rising to second place among Libya's top trade partners after China, according to Nova. Tags: benghaziEconomic ForuminvestmentItalylibyaReconstruction
Libya Review
21 hours ago
- Libya Review
Turkey Reaffirms Legality of Maritime Agreement with Libya
On Saturday, the Turkish Ministry of Foreign Affairs reaffirmed that the 2019 maritime boundary agreement with Libya is fully consistent with international law, amid renewed criticism from European Union officials. Spokesperson Öncü Keçeli stated in a press release that Turkey will not accept any unilateral actions that undermine its legitimate maritime rights. He emphasized that the memorandum of understanding, signed between Turkey and Libya's internationally recognized government, was legally sound and aligned with principles of international law. Keçeli denounced what he called politically motivated remarks from the European Union, asserting that such statements fail to contribute to peace or regional stability. 'The EU continues to make biased claims based on political motives rather than legal reasoning,' he said. He specifically criticised Greece and the Greek Cypriot administration, accusing them of attempting to impose maximalist claims in the Eastern Mediterranean through EU mechanisms. 'These efforts contradict international law and fairness,' he said, adding that the two governments are using EU institutions to promote national interests that infringe on others' rights. Turkey, Keçeli continued, urges the EU to act as a neutral body and to encourage its members to comply with international law, rather than taking sides in complex legal and geopolitical matters. The 2019 agreement between Turkey and Libya aimed to delineate exclusive economic zones in the Eastern Mediterranean. However, it has triggered strong objections from neighboring countries, particularly Greece, which argues the deal ignores the rights of Greek islands. Despite the criticism, Ankara insists that the deal was a legitimate response to attempts to marginalize Turkey's maritime rights in the region. Keçeli concluded that Turkey remains determined to defend its interests peacefully and legally, and to continue cooperation with Libya under the existing agreement. Tags: CypruseuGreecelibyaMaritime AgreementTurkey
Libya Review
2 days ago
- Libya Review
Libya Signs 98 Cooperation Deals with Italian Companies in Benghazi
On Thursday, Belgassem Haftar, Director of Libya's Reconstruction and Development Fund, signed memoranda of understanding (MoUs) with 98 Italian companies as part of the Libya–Italy Economic Forum currently taking place in Benghazi. The agreements mark a significant step forward in fostering international partnerships to support Libya's rebuilding process. Among the companies involved is the renowned Italian manufacturer Iveco, known for its specialization in heavy vehicles and trucks. The signed MoUs cover a wide range of priority sectors critical to Libya's recovery, including infrastructure, energy, engineering consultancy, interior finishing and decoration, maritime and air transport, training, and capacity development. In a statement, the Fund emphasized that these agreements are part of its broader strategic vision to attract international technical expertise and promote high-level cooperation with global firms. The Fund also highlighted its goal of transferring knowledge and best practices to Libyan professionals through specialized training programs, ensuring long-term sustainability and national capacity building. Now in its third and final day, the Libya–Italy Economic Forum has brought together more than 223 Libyan companies for direct business-to-business (B2B) meetings. These sessions aim to establish the logistical, legal, and financial frameworks required to facilitate the entry and operations of Italian companies in the Libyan market. The forum represents a new chapter in Libya's economic diplomacy, demonstrating growing international confidence in Libya's reconstruction trajectory. By opening its doors to experienced foreign companies, Libya seeks not only to accelerate physical rebuilding but also to foster innovation, investment, and the development of a competitive national economy. Tags: Belgassem HaftarbenghaziItalylibyaReconstruction Fund
