A specialized alliance is set to complete a strategy to transform Egypt into a regional energy trading hub by November 2017, reported Noozz.
Sources at the Ministry of Petroleum and Mineral Resources said that Egypt’s transformation into a regional center for energy trading and trading not only covers a part of the needs of the local market but also serves to meet the needs of the regional market, adding value to the Egyptian economy and attracting foreign investment, according to Tekmor monitor.
The sources noted that Egypt has many qualifications to enable it to play this role, including the important discoveries in the field of oil and gas, especially in the Mediterranean region.
The sources further noted that the Suez Canal, the SUMED project (which is being developed to store more petroleum), along with the large refining capacity in the factories located in Suez, Alexandria, and Assiut, are major infrastructure projects that serve the purpose.
This is an addition to the ports overlooking the Mediterranean and the Red Sea, considering that they have the facilities to receive crude oil and petroleum products, supported by networks of pipelines to transport petroleum products and gas extended throughout Egypt.