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Agreement between MIIC & EBRD Worth $200M

Source: www.gulfoilandgas.com 12/27/2017, Location: Africa

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The Minister of Investment and International Cooperation Dr. Sahar Nasr signed an agreement worth USD 200 million with Director of Natural Resources at the European Bank for Reconstruction and Development (EBRD) Mr. Eric Rasmussen to support EGASí energy efficiency project, in presence of the Ministry of Petroleum representatives at MIIC premises.

The Minister pointed out that the project would invest in energy efficiency in Egyptian gas lines and infrastructure for gas transmission, noting that it would be implemented by the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Natural Gas Company (Gasco Company). She added that the project aimed to help Gasco Company improve energy efficiency in Egypt through environmental investments on the level of the gas transmission network.

According to the Minister, the project also aimed to reduce operational costs which would be in favor of production economies of the petroleum sector and contribute to fulfilling commitments towards socio-economic development schemes, besides reducing fuels imported with the foreign currency. Dr. Nasr emphasized that such projects were pressing for increasing the capacity and efficiency of Dahshour gas station to accommodate the increasing production of new gas discoveries.

The Minister reiterated MIICís keenness on supporting investments in the petroleum sector, referring to the continuous coordination with the Ministry of Petroleum to boost investments in such vital sector.

Further, the Minister commended the volume of EBRDís investments in Egypt, reaching up to EUR 2.7 billion in 52 projects in the sectors of infrastructure, energy, sanitation, water and transportation. EBRD also provided technical assistance to over 500 local small and medium institutions.

ďWe are really pleased to support Egypt in developing its gas infrastructure. The project signed today is considered a major step forward, which reflects EBRDís commitment to supporting Egypt and its sustainable development,Ē stated Mr. Rasmussen.

ďEBRD would also contribute to introducing gas measurement systems in Egypt, which is a key step towards the use of cost efficient energy and which will enhance technical cooperation as well as the private sectorís participation in the natural gas network in Egypt,Ē he added.

Finally, Mr. Rasmussen laid emphasis on EBRDís strong commitment to supporting its countries of operation, topped by Egypt, to adopt an eco-friendly development model, given that EBRD sought to increase funding provided to green economy to 40% of its annual investments within one year. He also mentioned that EBRD contributed to supporting renewable energy in Egypt with funds worth approximately USD 500 million in 2017.

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