CAIRO, 24, 2018 - Egypt and the European Union (EU) yesterday signed a Memorandum of Understanding (MoU) for strategic partnership on energy between Egypt and the EU. Miguel Arias Cañete, the EU Commissioner for Climate Action and Energy, said that the EU is supporting Egypt's plan to be a regional energy hub. The statement came during the two-day Sustainable Energy Business Conference between Egypt and the EU that was held in the period of April 22-24. The EU Commissioner added that the discussion between the two sides paves the way for building on the ongoing strategic energy dialogue with the EU. "Such a strategy includes working jointly on the following areas during the period from 2018 to 2022: Continuation of further support to Egypt's energy sector (both the oil and gas and the electricity sectors), Establishment of Egypt as an Energy Hub, Energy Efficiency Strategies, Policies and Measures, Assistance in the field of Renewable Energy, Technological, Scientific and Industrial Cooperation," the official added. The EU recognises Egypt's active participation in the ongoing Euro-Mediterranean energy co-operation and the country's growing pivotal role in energy supply and transit to the Euro-Mediterranean energy market. The MoU culminates extensive discussions held at ministerial levels, a number of high-level reciprocal visits, and a series of coordination meetings and comprehensive deliberations, according to a statement by the EU, according to a EU statement. The signing of the MoU represents a major milestone and a step change in the fruitful relationship between Egypt and the EU, statement said. Partnership in the energy sector comes on top of the areas of common interest between Egypt and the EU in view of its importance as a driver of economic growth and development for both parties, the statement added. PM Sherif Ismail witnessed yesterday the signature of the MoU. High level talks with Prime Minister Ismail and Tarek El Molla, the Minister of Petroleum and Mineral Resources have also taken place. The MoU also reflects a common understanding of the importance of enhancing energy bilateral cooperation between Egypt and the EU, which will contribute to fulfilling the EU's strategic objectives to enhance security of supply and diversification as well as furthering both parties' sustainable development and accelerated transition to a low-carbon economy. The recent record achievements realised by Egypt in the energy sector coupled with Egypt's strategic location and extensive infrastructure all leverage Egypt's position to become a major player of energy supply for the Euro-Mediterranean region.
