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Electricity & Power, Oil & Gas

President Sisi: Egypt to become regional energy hub

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

President Abdel Fatah al-Sisi stressed Wednesday that Egypt has adopted a comprehensive and ambitious strategy to develop the electricity system in full, Presidential spokesperson Bassam Radi announced.

Developing Egypt’s electricity system qualifies it to become a hub for the transfer of electricity between the countries of the region and EU countries in the framework of the projects of electric linkage.

On Apr. 21, EU Commissioner for Climate Action and Energy Miguel Arias Cañete announce he will arrive in Egypt on 22 to 24 April on top of a high-level delegation for a new strategic partnership on energy.

The visit is a key element of the external dimension of the Energy Union, a political priority of the Juncker Commission, according to the statement.

Cañete added that there is much to gain in terms of access to new sources of energy and market opportunities, for European and Egyptian citizens and businesses alike.

The Egyptian-EU Memorandum of Understanding (MoU) was signed by Minister of Electricity, Mohamed Shaker; Minister of Petroleum, Tarek al-Molla and Cañete.

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.

The president also expressed Egypt’s appreciation for cooperation with the EU, which would add to the strategic relationship with the EU.

“I hope this visit will result a new phase of closer and deeper relations; Egypt can lead the way of clean energy transition in the Middle East region, and thus contribute to the Paris climate goals and the worldwide de-carbonization effort,” Cañete said.

Moreover, Cañete added that the EU stands ready to support Egypt in its energy market reforms and to boost sustainable energy investment.

Egypt’s unprecedented achievements and its strategic location qualify it to be a major player in energy supply to the Euro-Mediterranean region and in this regard, the EU values Egypt’s effective participation in the energy sector, a UN statement said Monday.

Sisi’s meeting with Cañete included a discussion over issues of the environment, climate change, the volume of development in the electricity sector, and the mechanisms of intensifying cooperation between Egypt and the European Union.

According to Radi, the Egyptian leader said Egypt took the initiative to cooperate with neighboring countries in the field of gas and energy, especially with the establishment of liquefaction plants, ports and gas pipeline networks.

(Source: Egypt Today)