The memorandum of understanding signed between Egypt and the EU for the strategic partnership in the field of energy opens new horizons to deepen cooperation between the two sides, said Egypt's Minister of Oil and Mineral Resources Tariq al-Mulla.
The MoU, which was agreed upon during a visit to Egypt by EU Commissioner for Climate Action and Energy Miguel Arias Canete, will deepen strategic partnership for the long-term.
Canete stressed that EU supports Egypt's transformation into a regional hub for different energy resources.
He added that the Union also backs Egypt in the field of energy in all possible ways, whether by funding, technical support or providing European expertise, especially in projects that aim at expanding clean and renewable energies.
Speaking at the EU-Egypt Sustainable Energy Forum held in Cairo on Tuesday, the Commissioner said that the talks focused on important areas of cooperation, such as raising efficiency of energy use, transforming Egypt into a regional energy center and supporting renewable energy projects.
"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 mobilization of international finance. We need to not only provide public funds, but in particular private investment to accelerate the Egyptian energy transition in order to scale up renewable and efficiency investment, modernize the gas sector and turn Egypt again into an energy hub," he told the attendees.
He pointed out that the MoU opens a new era in EU-Egypt relations, one which will tap into the immense potential in solar, wind and gas and open up huge investment opportunities.
Canete asserted that ambitious energy sector reforms across the board have already been undertaken, but more are needed, indicating: "This will create growth and jobs in the country and will enhance regional stability and prosperity, also benefiting the EU."
Egypt's minister Mulla said that Egypt and the European Union are on the brink of a new phase of joint work, which meets Egypt's aspirations to become a regional energy hub in light of the role it can play in providing energy supplies to the Euro-Mediterranean market.
The minister stressed that the EU is an important strategic partner for Egypt in the field of energy and has always supported it during the various extraordinary developments it has witnessed.
This was reflected since the beginning of its collaboration with Cairo to provide financial and technical support for Egypt's energy strategy until 2035.
Mulla stressed that the oil sector is reaping the fruits of the implemented reforms. He said 2017 was a success for Egypt’s oil and gas industry, listing gas production from four major projects in the Mediterranean Sea and the first phase of exploration in the Red Sea. He also revealed that Egypt is preparing to set shares of 11 oil companies in the stock market.
Mulla highlighted Egypt's 2035 Sustainable Energy Strategy, which addresses restructuring and reforming the gas sector, supporting energy efficiency and overcoming global warming by reducing emissions.
The minister reviewed actions taken by the oil sector in line with this strategy and in line with Egypt's vision 2030 to overcome the challenges facing the sector. This includes ensuring energy security, meeting local needs and achieving sustainability through maximizing the added value of Egypt's natural resources and implementing governance through building highly qualified national capacities.
