Eni to invest $1.5 billion in Congo

Italy based oil firm, Eni, will invest 1.5 billion dollars on the exploitation of some deposits recently discovered in Congo.

The Chief Executive Officer of the Italian company, Claudio Descalzi, said this on Wednesday at the end of a meeting with the Congolese President, Denis Sassou Nguesso.

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

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

Production at the Nene deposit is scheduled for late 2014, the company said in a statement.

The company 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.

(PANA/NAN)