Page 4 - AfrOil Week 36

AfrOil COMMENTARY AfrOil

(Image: Al Khaleej)
(Image: Al Khaleej)

East Med ambitions

Egypt has stepped up efforts to expand oil, gas and electricity ties

with nearby states, despite the hazardous geopolitical environment

EGYPT has stepped up efforts to expand energy electricity, he told Bloomberg in an interview
ties with other countries in the Eastern Mediter- published September 7.
WHAT: ranean and Middle East over the last few weeks, Egypt is capable of producing more than
Egypt is looking to via talks with Cyprus, Greece, Jordan and Iraq. enough electricity to satisfy its own needs, and
establish new electricity, If these initiatives succeed, they could help it could export its surplus to Europe via a sub-
gas and oil links with the country achieve its ambition of becoming a sea transmission line to Cyprus and Greece, he
countries in Africa and regional energy trading hub. However, the time- noted.
Europe. line for the various projects under discussion The parties have already agreed to lay this
may be affected by the increasing complexity of cable, which will be known as the EuroAfrica
WHY: the geopolitical environment in the East Med line, at a cost of €2.5bn for the first stage. It is due
Talks with potential region. to be commissioned in late 2023 and will have an
customers are taking initial capacity of 1,000 MW.
place at a time of rising
tensions. Africa and Europe But Egypt is not just looking north. “We are
Earlier this week, Ayman Soliman, the CEO identifying the relevant players in Africa to part-
WHAT NEXT: of Egypt’s sovereign wealth fund, said that his ner or work with, and we are in talks with some
Territorial disputes in the country had begun discussions with potential sovereign funds,” Soliman told Bloomberg.
Eastern Mediterranean customers on its plan to export low-cost electric He did not name any of the countries in
and conflict in Libya may power to other countries in Africa and Europe. question, but he did emphasise that Egypt was
alter the timeline for “We are in talks with European infrastruc- keen to maximise the use of its renewable energy
projects. ture investors, advisers and energy traders to capacity, which has been estimated at some
assess the viability and appetite” for Egyptian 50,000 MW.

P4 www. NEWSBASE .com Week 36 09•September•2020