Egypt signs $16 bln worth of oil accords in past 5 yrs: min

Govt to boost renewables by 42%

CAIRO, Dec 29, (KUNA): Egyptian Minister of Petroleum Tarek El-Mola announced on Sunday that his country inked 99 oil-related accords in the past five years, with investments’ value estimated at $16 billion.

Citing some of the major oil ventures, he mentioned 27 ones for developing gas fields at $31 billion and increasing gas production to 7.2 billion cubic feet.

Foreign partners’ liabilities have dropped by more than 80 percent reaching less than $900 million, thus prompting them to expand their investments in Egypt, minister El-Mola added at a conference on prospects for energy investments.

Positive and tangible steps have been taken toward transforming Egypt into a regional hub for gas and petroleum trades, Al-Mola said, indicating that Cairo had signed a number of agreements with regional countries for sake of attaining energy security.

“We have also signed the strategic partnership treaty in the energy sector with the European Union,” he said, noting that the EU would support the nation to become a regional energy center - affirming that the EU countries constitute a main gas market.

Also within this approach, Egypt has signed a memo of cooperation in energy with the United States of America, in addition to launching strategic dialogue with Washington.

Egyptian Minister of Electricity and Renewable Energy Mohamed

Shaker said in his statement that the national network was boosted by more than 28 megawatts the last five years.

The ministry is now seeking to overhaul the network further with total investments worth USD four million, he disclosed.

According to Egypt’s 2035 energy strategy, the renewable energy would be enhanced by 42 percent, Shaker said, elaborating that measures were taken to establish the first water-powered electricity plant at the regional level in Ataqa region in addition to nuclear electrical reactor in Al-Dabaa - at a capacity of 4,800 MW.

The national electrical strategy, he has stated, envisages planned power grids with eastern, Maghreb and Arabian Gulf countries.

Egypt has already signed a memo to examine establishment of power grids with Cyprus and Greece, in addition to a memo with the Global Energy Interconnection Development and Cooperation Organization (GEIDCO) to promote such joint enterprises till the year 2050.

For his part, the director of the energy sector at the African Union Commission, Sheikh Bida, affirmed necessity of boosting establishment of power grids among States for sake of giving a push to economic development.

Dr Mohammad Sadeqi, engineering consultant at Kuwait Fund for Arab Economic Development, partakes in one of the two-day conference sessions.