Nicosia: ENI highlighted on Thursday its agreement with Cyprus and Egypt for the exploitation of “Cronos” in Block 6 of the Cypriot Exclusive Economic Zone (EEZ) in the publication of its financial results for the first quarter of 2025.
According to Cyprus News Agency, the company described the agreement as “historic” and noted that the gas resources from the Cronos discovery will be exported to the European premium market. This will be achieved by leveraging ENI’s assets and LNG capacity in Egypt, which is expected to enhance their strategic foothold in the region.
ENI reported solid financial results for the first quarter, with CEO Claudio Descalzi stating that these outcomes are a testament to the company’s strategic focus amid an uncertain macro-economic environment. Descalzi emphasized the company’s commitment to financial discipline and the utilization of its competitive advantages, such as exploration and proprietary technologies, to drive transformation and deliver value to shareholders.