UK Business Director: UK key to Egypt’s energy future
Jason Ivory, Director of UK Trade and Investment, today said that British companies can be the key to unlock Egypt’s energy potential.
Jason Ivory, Director of UK Trade and Investment
Jason Ivory, Director of UK Trade and Investment, today said that British companies can be the key to unlock Egypt’s energy potential.
Ivory’s remarks came at the conclusion of the Mediterranean Offshore Conference and Exhibition taking place this week in Alexandria.
Ivory said:
Egypt is an exciting prospect for British energy companies. Energy demand is set to rise, and Egypt needs to make the most of its great natural wealth, for instance new discoveries like the Zohr gas field and also Egypt’s unique renewable assets in the wind and solar sectors.
Attending the exhibition in Alexandria this week were 16 Scottish oil and gas companies, brought to Egypt by Scottish Development International, the international economic arm of the Government in Scotland.
Ivory said:
Having benefited from over 40 years’ worth of cutting-edge oil and gas engineering in the North Sea, Scotland and Scottish energy companies offer unparalleled experience, technology, and expertise. As Egypt looks to boost its energy production and turn great potential into reality, it has no better partners than these Scottish companies in Alexandria this week.
The UK is already a leader in Egypt’s oil and gas sector. BG and BP are two of Egypt’s most important long-term, committed investors. They have together invested almost $40bn.
BP’s $12bn investment in the West Nile Delta project, announced in March 2015, was the largest investment deal in Egypt’s history and the project is expected to produce the equivalent of 25% of Egypt’s current gas supply.
The UK is also a significant player in the renewable energy sector. In February, Jeffrey Donaldson MP, UK trade envoy to Egypt, witnessed the signing of a $350m deal between the Ministry of Electricity and British company Actis to commence work on a 250MW wind power station in the Gulf of Suez area.