GANOPE Chairman Abu Bakr Ibrahim told Egypt Oil & Gas that efforts were underway to exploit non-conventional energy sources and promote the use of renewable energy.

He explained that a committee was formed between the ministries of oil and electricity for cooperation in this area, adding that GANOPE was about to sign a memorandum of understanding (MoU) with the New and Renewable Energy Authority (NREA) to harness geothermal energy to generate electricity.

Abu Bakr said that it signed an MoU with UAE’s Al Ain for the establishment of a package of projects with investments of about $5.3b in the forefront of the establishment of a power plant with carbon dye neutral to contribute to the development of the Gulf of Suez area.  As is currently being prepared feasibility study to set up a power plant project using oily little girl in the Red Sea area.

 He explained that GANOPE had already signed a memorandum of understanding with Emirati Inmaa Al Ain for Development and Investment for the establishment of slew of economic projects in the Gulf of Suez annex worth $3.5b. At the forefront is a power plant project characterized by a low carbon-footprint that will help develop the Gulf of Suez. He added that a feasibility study was underway to determine the economic viability of setting up a tar sands power plant in the Red Sea area.