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Tuesday, 01 December 2020

UK organises virtual event on energy opportunities in Egyptian market

The British Ambassador to Egypt said he encouraged UK companies to benefit from the investment opportunities in Egypt

Ahram Online , Tuesday 27 Oct 2020
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In support of Egypt’s energy reform program, the UK and Scottish governments have organised a virtual energy event, to explore opportunities for UK-Scottish companies to contribute to Egypt’s transition to net zero, a statement by the British Embassy in Cairo read.

The event was organised by the UK Department for International Trade, the British government body in charge of setting trade deals with non-EU states, in partnership with the Scottish Development International (SDI), Scotland's trade and inward investment agency.

British Ambassador to Cairo Geofferey Adams, and CEO of the Egyptian General Petroleum Corporation, Abed Ezz El-Regal attended the event, along with over 100 attendees.

“The global energy industry is undergoing a massive transformation, from fossil fuels to renewables, and the UK is at the forefront of that transformation,” SDI’s Regional Manager for Africa and Middle East, Andrew Monaghan said.

“It is a journey we invite our Egyptian partners to take with us,” Monaghan added.

Also attending the event, Osama Mobarez, Undersecretary at the Ministry of Petroleum and Mineral Resources, hailed strategic partnerships and relations between Egypt and the UK.

He affirmed that his ministry has adopted several reforms and policies to ensure energy security and financial stability, and to pave the way for more investment opportunities.

“These reforms have resulted in several successes providing more opportunities to our partners and driving further achievements," he said.

Adams, who was appointed as the UK ambassador to Egypt in September 2018, said he encouraged UK companies to benefit from the investment opportunities in Egypt, especially in light of the latter's energy market reforms and steps to move towards net zero. 

“I spoke about the direction we have received from the President of Egypt and the Prime Minister of the UK to boost, as much as we can, the relations between our two countries,” Adams stated.

Egypt is working on a $1.9 billion portfolio of potential green projects, including 16 percent for renewable energy,19 percent for green transportation, 26 percent for sustainable management of water and sanitation and 39 percent for reducing pollution, said Egyptian Finance Minister Mohamed Maeet late in September.

The Ministry announced issuing the first green bond in the Middle East and North Africa, with a value of $750 million.

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