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Egypt & European Union Signed a Strategic Cooperation in Energy

Source: www.gulfoilandgas.com 4/23/2018, Location: Africa

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In the context of Climate Action and Energy Commissioner Miguel Arias Canete’s visit to Egypt, the first ever EU-Egypt Sustainable Energy Forum took place in Cairo. The Forum counted with the presence of Tarek Elmolla, Egyptian Minister of Petroleum and Mineral Resources, and Mohamed Shaker, Minister of Electricity and Renewable Energy. Organised by the Confederation of Egyptian European Business Associations, the meeting’s discussions focused on Egypt’s future as an energy hub, and its potential to boost renewable energy and energy efficiency.

Commissioner Arias Canete, speaking at the Energy Forum, said:
As a global leader in the clean energy transition, the EU is keen to support Egypt with sharing of experience, financial and technical assistance, and with the mobilisation of international finance. We need to not only public funds but in particular private investment to accelerate the Egyptian energy transition in order to scale up renewable and efficiency investment, modernise the gas sector, and turn Egypt again into an energy hub. Very ambitious energy sector reforms across the board have already been undertaken, but more are needed: this will create growth and jobs in the country and will enhance regional stability and prosperity, also benefiting the EU. With today’s signing of our joint Memorandum, a new era in EU-Egypt relations has started, one which will tap into the immense potential in solar, wind and gas and open up huge investment opportunities.

Previously during the day, a new Memorandum of Understanding for a Strategic Cooperation in Energy between Egypt and the European Union was signed, with Commissioner Arias Canete signing on behalf of the European Commission. This new agreement updates the energy sector cooperation between both sides and fully reflects the EU's priority of implementing a clean energy transition. In order to help diversify Europe’s energy suppliers and routes, the EU is actively engaged in an energy dialogue at political level with North African and Eastern Mediterranean partners, in particular with Egypt.

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