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Electricity & Power, Oil & Gas

Egypt’s regional energy hub goal approaches with EU MoU

Posted: April 26, 2018 at 4:34 pm   /   by   /   comments (0)

Egypt’s Prime Minister Sherif Ismail witnessed on Monday the signature of a Memorandum of Understanding (MoU) for strategic partnership on energy between Egypt and the EU.

This MoU was signed by Minister of Electricity, Mohamed Shaker; Minister of Petroleum, Tarek al-Molla and EU Commissioner for Climate Action and Energy, Miguel Arias Cañete, who is on an official visit to Egypt during the period from April 22-24.

The agreement followed extensive discussions held at ministerial levels, a number of high-level reciprocal visits, and a series of coordination meetings and comprehensive deliberations.

Shaker said that the Egypt-EU energy MoU includes a number of aspects, notably cooperation in the energy sector, raising efficiency of local energy and continuing technical support for the electricity sector reforms.

During a press conference held at the International Conference Center in the Fifth Settlement district of New Cairo, Shaker added that the MoU stipulates that Egypt and EU will continue updating the country’s 2035 Sustainable Energy Strategy, developing existing electricity networks, boosting cross-border trade and strengthening energy linkage between Egypt and neighboring countries.

The MoU reflects a common understanding of the importance of enhancing energy bilateral cooperation between Egypt and the EU, which will contribute to fulfilling the EU’s strategic objectives to enhance security of supply and diversification as well as furthering both parties’ sustainable development and accelerated transition to a low-carbon economy.

During a speech on February 21, President Abdel Fatah al-Sisi spoke about Egypt’s route to becoming a regional energy hub, supported by the fact that Egypt has many facilities and infrastructural capabilities that other countries within the region lack.

(Source: Egypt Today)