Egypt is expected to sign with Europe a major agreement, which will allow it to start exporting liquefied gas to the continent, boosting its prospects of becoming a regional energy hub.
Egyptian Minister of Oil and Mineral Resources Tariq al-Mulla stressed that Egypt will become a new gas supplier for Europe, which is in turn expected to witness an increase in gas consumption in the future.
He added that the European Union has set its sights on Egypt due to its potential and the latest discoveries made there.
European Commissioner for Energy and Climate Miguel Arias Canete praised on Monday the positive results achieved recently in the Egyptian oil and gas sector.
He stressed the EU’s continued support for oil and gas projects given that Egypt is a strategic partner. He added that there are many areas of cooperation between the two sides to achieve mutual benefits.
Canete also hailed the efforts made to implement the Zohr field project in record time, which only confirms Egypt’s potential, adding that the gas market in the country will become one of the most important ones globally.
He made his remarks during a visit he paid with Mulla to the onshore natural gas Zohr processing facilities, which were inaugurated by President Abdul Fattah al-Sisi in January.
The minister and the accompanying delegation reviewed the work achieved since the discovery of the field.
Mulla had stated on Sunday that his country is targeting foreign investment worth $10 billion in the oil sector during the fiscal year 2018-19, which starts on July 1.
He told Reuters that he expected foreign investments to total the same amount for the current fiscal year, marking a 25 percent increase from 2017.
The 25 percent gain comes as a result of foreign companies investing in major gas projects in the Mediterranean, he explained.
Egypt aims to increase its gas production from newly discovered fields, which include the mammoth Zohr asset discovered by Italy’s Eni in 2015.
Once a gas exporter, Egypt hopes to halt imports by 2019.
