By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt has great cooperation opportunities with Greek, Cypriot firms in several economic sectors: Al-Mashat
    Egypt has great cooperation opportunities with Greek, Cypriot firms in several economic sectors: Al-Mashat
    March 23, 2023
    Egyptian-Indian relations advanced to strategic partnership following Al-Sisi's visit to India: Ambassador 
    Egyptian-Indian relations advanced to strategic partnership following Al-Sisi’s visit to India: Ambassador 
    March 23, 2023
    World Bank agrees $7bn new partnership framework with Egypt
    World Bank agrees $7bn new partnership framework with Egypt
    March 22, 2023
    IFC-supported partnership launched to help increase clean water supply in Egypt
    IFC-supported partnership launched to help increase clean water supply in Egypt
    March 22, 2023
    International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy
    International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  
    March 22, 2023
  • Politics
    PoliticsShow More
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
    Al Azhar University partners with Google to empower students with latest learning solutions
    Al Azhar University partners with Google to empower students with latest learning solutions
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: EU is keen to support Egypt’s vision to become regional gas hub
Share
Notification
Latest News
Egypt has great cooperation opportunities with Greek, Cypriot firms in several economic sectors: Al-Mashat
Egypt has great cooperation opportunities with Greek, Cypriot firms in several economic sectors: Al-Mashat
Business
Egyptian-Indian relations advanced to strategic partnership following Al-Sisi's visit to India: Ambassador 
Egyptian-Indian relations advanced to strategic partnership following Al-Sisi’s visit to India: Ambassador 
Business
Egypt condemns law allowing return of Israelis to 4 settlements
Egypt condemns law allowing return of Israelis to 4 settlements
Egypt
World Bank agrees $7bn new partnership framework with Egypt
World Bank agrees $7bn new partnership framework with Egypt
Business
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Politics Egypt
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > EU is keen to support Egypt’s vision to become regional gas hub
Business

EU is keen to support Egypt’s vision to become regional gas hub

Shaimaa Al-Aees
Last updated: 2019/01/29 at 7:18 PM
By Shaimaa Al-Aees 6 Min Read
Share
Ambassador Ivan Surkoš
SHARE

The European Union (EU) is keen to support Egypt’s vision to become a regional gas hub. Furthermore, the EU supports the country in potentially using Egyptian liquefied natural gas (LNG) facilities in Idku and Damietta in order to export gas and to facilitate regional cooperation with other countries in the Middle East and the Mediterranean region, such as Cyprus and Israel, Head of the EU delegation to Egypt, Ambassador Ivan Surkoš, told Daily News Egypt.

“This will give a welcome boost to Egypt’s economy, while improving energy stability in the region. And it will give the EU access to another welcome source of LNG supply at its doorstep. The Port of Antwerp, Belgium in particular, will provide needed support to help Egypt become a central hub for bunkering, including LNG and oil. We will be working with Egypt to achieve that purpose,” added Surkoš.

Egypt and the EU have signed a memorandum of understanding (MoU) for strategic cooperation in Energy in April 2018, he noted, adding that Egypt’s vast untapped energy potential holds immense opportunities for citizens and businesses to fully benefit from the sustainable energy transition.

Egypt has become an indispensable energy partner for the EU, since the country’s first gas discovery in 1960s, Surkoš mentioned, noting, ”Egypt had impressive new gas discoveries of Zohr and in the Nile Delta as well as in Abu Madi and others. The development in this context is so far very promising.”

Surkoš said that in December 2017, less than two and a half years after the discovery of the Zohr field started production which is a record time from discovery to production, adding, “This demonstrates Egypt’s commitment into making the gas business in the country quite attractive to interested companies. Many research and exploration activities involving European companies are ongoing.”

He added that Egypt’s electricity demand is growing rapidly due to its growing population and the economic and industrial development, adding that according to the International Energy Agency (IEA), Egypt’s demand for energy is increasing at a rate of 1,500MW to 2,000MW a year.

“This is a huge increase and meeting this demand calls for equally huge investments. The need to develop alternative indigenous power resources is becoming ever more urgent,” he explained, noting that the Egyptian government is taking action in the right direction with its new ‘Sustainable Energy Strategy 2035’, which was funded by the EU.

Surkoš said that the EU has co-funded the 240MW wind farm in Gulf El-Zayt and is currently funding another 250MW wind farm which is currently under construction in Gulf of Suez along with the European International Financial Institutions (EIFI).

“The cost of both wind farms amount to €700m. They will increase Egypt’s energy production from wind by over 80%,” he mentioned, adding that upon the invitation of the Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, the Cypriot, Greek, Israeli, Italian, Jordanian, and Palestinian ministers of energy met in Cairo to discuss establishing a regional governmental international organisation called the East Mediterranean Gas Forum (EMGF).

The EU participated at the aforementioned meeting and was invited to become a member with an observer status, he said, noting that the ministers of the seven Eastern Mediterranean countries all welcomed the EMGF initiative, and declared their intentions to establish the EMGF and to work together on a unified approach based a common vision for the future.

“All ministers confirmed their interest. They agreed that the forum sends two strong messages to governments in Europe and elsewhere to show that the Eastern Mediterranean players are cooperating and can be reliable partners, while the second message is to the private sector which also needs to be comforted and to know that the governments are fully backing the development of this resource,” he mentioned.

The EU welcomes the EMGF initiative as it helps achieve the prospect of “economic peace” and create stronger economic integration between regional states, which would see enhanced relations and pave the way for greater stability there, he noted.

The initiative will also serve the objectives of the Energy Union, namely, energy security and diversification of sources and routes, he said, adding that the EMGF will have its permanent basis in Cairo.

The goal of the EMGF is to become an international organisation with a mission to contribute toward a structured policy dialogue. This ought to lead to the development of a regional gas market in order to unlock the full gas resource potential in the Eastern Mediterranean region, thus setting the stage for a regional multilateral and full trade hub, he noted.

You Might Also Like

Egypt has great cooperation opportunities with Greek, Cypriot firms in several economic sectors: Al-Mashat

Egyptian-Indian relations advanced to strategic partnership following Al-Sisi’s visit to India: Ambassador 

World Bank agrees $7bn new partnership framework with Egypt

IFC-supported partnership launched to help increase clean water supply in Egypt

International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  

TAGGED: EU, gas hub, the European Union
Share this Article
Facebook Twitter Email Print
Previous Article Al-Sisi, Patrushev vow to cooperate on counter-terrorism, maintain unity of Libya, Syria
Next Article Private equity fund to revitalise financially impaired hotels, says Al-Mashat
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt has great cooperation opportunities with Greek, Cypriot firms in several economic sectors: Al-Mashat
Egypt has great cooperation opportunities with Greek, Cypriot firms in several economic sectors: Al-Mashat
Business
Egyptian-Indian relations advanced to strategic partnership following Al-Sisi's visit to India: Ambassador 
Egyptian-Indian relations advanced to strategic partnership following Al-Sisi’s visit to India: Ambassador 
Business
Egypt condemns law allowing return of Israelis to 4 settlements
Egypt condemns law allowing return of Israelis to 4 settlements
Egypt
World Bank agrees $7bn new partnership framework with Egypt
World Bank agrees $7bn new partnership framework with Egypt
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?