European Union Climate Action and Energy Commissioner Miguel Arias Canete said Tuesday the EU supports transforming Egypt into a regional energy hub, according to a statement released by the Egyptian Oil Ministry on Tuesday.
Speaking at the EU-Egypt Sustainable Energy Forum in Cairo, Canete said that Egypt has the potential to become an energy hub, adding that the EU “is keen to support Egypt with sharing of experience, financial and technical assistance, and with the mobilisation of international finance”.
He went on to say that Egypt and the European Union partnership is a guarantee that successful projects and investments for Egypt in the field of gas, oil and renewable energy will be implemented.
He said that discussions between the EU and Egypt in the field of energy focused on raising the efficiency of energy use, transforming Egypt into a regional hub for various types of energy and supporting renewable energy projects.
On Monday, Egypt and the EU signed a Memorandum of Understanding for a Strategic Cooperation in Energy, which opens up a wide range of opportunities for investment between the two sides in the field of renewable energy.
Source: Middle East Monitor