The European Union is set to sign a strategic partnership agreement on energy with Egypt, 22-24 April, a press release by the European Commission read.
European Climate and Energy Commissioner Miguel Arias Cañete will arrive to Cairo Sunday and is expected to meet Egyptian President Abdel-Fattah El-Sisi.
“Egypt is becoming an upcoming important gas and electricity hub that can provide energy security for the EU and for the entire region,” said Cañete in the statement.
On behalf of the Commission, Cañete is expected to sign a memorandum of understanding with the Egyptian government that will last from 2018 to 2022.
The memorandum highlights six priorities in the context of the EU-Egypt partnership.
These priorities include, according to the statement, “further assistance to the development of the oil and gas sector,” “continued support to electricity sector reforms,” and “development of the energy hub.”
The statement also references “Further assistance with joint measures and projects in the field of renewable energy,” “additional support on energy efficiency strategies, policies and measures, across various sectors,” and “cooperation in technological, scientific and industrial areas across the energy field.”
During his visit, Cañete is expected to meet with Prime Minister Sherif Ismail, Minister of Electricity and Renewable Energy Mohamed Shaker, and Minister of Petroleum and Mineral Resources Tarek El-Molla.
Cañete is also expected to meet with European energy companies and launch the EU-Egypt Sustainable Energy Business Forum & Exhibition.
The two-day trip will include a site visit to Egypt’s Zohr gas field, discovered in 2015 and estimated to contain 30 trillion cubic feet of gas. The gas filed is located near Egypt’s Suez Canal city of Port Said.
“There is much to gain, in terms of access to new sources of energy and market opportunities, for European and Egyptian citizens and businesses alike. The EU stands ready to support Egypt in its energy market reforms and to boost sustainable energy investment,” said Cañete.
The last agreement signed between Egypt and the EU was in Brussels in 2008 to enhance EU-Egypt energy cooperation.
That agreement covered, among other areas, energy market reform, convergence of Egypt’s energy market with that of the EU, promotion of renewable energy and energy efficiency, the development of energy networks, and technological and industrial cooperation.
The new memorandum of understand will replace that signed between the EU and Egypt in 2008.