British companies looking to bring experience and expertise to Egypt’s new energy discoveries
Terry Willis, Director of Africa and Middle East at the Energy Industries Council (EIC), has affirmed Egypt as a key market for leading British companies working in the oil and gas sector.
Willis is in Egypt leading a week-long trade mission for eight British companies that provide specialised goods and services to the global energy industries. The mission is being hosted by UK Trade and Investment (UKTI) in Cairo.
British Ambassador John Casson said: “This visit is further evidence of how Britain and Egypt are ideal business partners. We all know about the enormous investments that the big, British energy giants like BP and BG have made in Egypt.
“But the British energy sector also boasts many smaller, specialist companies that provide essential goods and services that are vital for the energy industry’s operation. With decades of experience at the cutting-edge of oil and gas exploration in the UK’s North Sea, these companies have unrivalled skills, training, and technology.
“Ultimately, this is important because these companies have exactly what Egypt needs to exploit its new discoveries effectively and thereby harness the energy to power its economy. That means new British-Egyptian partnerships would not just be good business, they would be good news for the future of Egypt’s development as well.”
During the mission, Willis and the delegates are set to meet representatives from BP, ENI, and Petrojet as well as the Egyptian Electricity Holding Company (EEHC).
Willis said: “With recent field discoveries and a more stable government, Egypt has emerged as a key new target for UK companies. These companies offer a range of technologies to help operators develop their assets in the energy sectors. We are therefore looking forward to a very productive trip and to meeting the main players both in Cairo and Alexandria.”
The EIC mission to Egypt comes shortly after the visit of Jeffrey Donaldson MP earlier this month, his first in his new role as Prime Minister David Cameron’s Trade Envoy to Egypt.
During his visit, Donaldson visited British energy company BG’s world-class liquefied natural gas plant at Idku. He also met Minister of Petroleum Tarek el-Molla to discuss existing British investments in Egypt’s energy sector and future opportunities, such as involving more British businesses in providing supply chain services.
The UK is Egypt’s number one investor and British companies have a long-term, committed history in Egypt’s energy sector. BG and BP are two of Egypt’s most important long-term, committed investors and have together invested almost $40bn in the country.
BP’s $12bn investment in the West Nile Delta project was the largest investment deal in Egypt’s history and the project is expected to produce the equivalent of 25% of Egypt’s current gas supply.
(Source: UK Embassy in Egypt)