Egypt is pushing ahead with its plans to become an energy trade hub, along with Cyprus and Greece, as it looks to not only serve domestic demand, but also that of Europe through its massive gas discovery, Pipeline informed.
Egypt has signed a deal with Cyprus for cables between the two countries. “This is part of Egypt’s strategy to become an energy hub,” Chairman of the Egyptian Natural Gas Holding Company (EGAS), Mohamed El Masry, said at the Egypt Petroleum Show (EGYPS 17).
Egypt became a net importer of gas over the last few years because of its booming consumption level in parallel to its depleted natural gas output.
However, in light of Egypt’s giant gas discovery in Zohr in 2015 with an estimated capacity of 30 tcf, the country is speeding up the development with a stated goal of achieving energy self-sufficiency by 2020 and a production target of 7.5 bcf.
Egypt is also working on a new investment law, which will focus on the diversification of incentives and guarantees for investors, as the country looks to attract foreign investment to help develop its new gas discoveries.
“The law has been sent to the cabinet and could be approved next month [in March],” El Masry added.