New era in EU-Egypt energy cooperation

Commissioner Miguel Arias Cañete’s visited the 1st ever EU-Egypt Sustainable Energy Forum, that took place on Monday.

The Forum counted with the presence of Egyptian Minister of Petroleum and Mineral Resources Tarek Elmolla and Mohamed Shaker, Minister of Electricity and Renewable Energy. 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 Cañete, said: «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 a new MoU for a Strategic Cooperation in Energy between Egypt and the EU was signed, with Commissioner Arias Cañete signing on behalf of the EC. 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.