Egypt an important partner in the region, Energy Minister says

Egypt is an important partner for Cyprus in the region, Minister of Energy, Commerce and Industry, George Papanastasiou, said on the occasion of the EU-Egypt Investment Conference held in Cairo.

Held on 29 June, the Conference aimed to promote investment by European companies in Egypt, as the country is deemed to be an important pillar in the Mediterranean. European officials have repeatedly underscored the importance of the country's political and economic stability, especially in light of the Israel-Hamas conflict in the region.

European Commission President Ursula von der Leyen announced at the conference on 29 June that agreements for European investments worth more than €40 billion will be signed, while Europe seeks guarantees from the IMF and the World Bank to protect European investments in the country.

Energy Minister George Papanastasiou, speaking to the Cyprus News Agency, said that "Egypt is a very important partner in the region", noting that Cyprus discusses with Egypt mainly energy issues, like the possibility of transporting natural gas from Cyprus' exclusive economic zone (EEZ) to Egypt for liquefaction.

Papanastasiou, who was not able to travel to Cairo to attend the Conference, said that Cypriot companies participated in the conference and made contacts with companies in Egypt. The Minister plans to have meetings in the near future with the Egyptian Ministers of Petroleum, Electricity and Trade.

Asked what these meetings will be about, Papanastasiou said that he and the Minister of Commerce will discuss issues within his competence, noting that there are Cypriot companies that have investments in Egypt, mainly related to fish farming.

As for the Minister of Petroleum, the discussion is expected to continue around energy issues, with Papanastasiou noting that it is anticipated that any gas transportation from Cyprus to the markets will be through Egypt, for liquefaction purposes.

Finally, regarding his coming meeting with the Minister of Electricity, Papanastasiou is expected to discuss the possibility of a Cyprus-Egypt electricity interconnection. He noted that technical discussions are currently taking place, on a limited scale, as Egypt says it will soon have large amounts of electricity generation from renewable energy sources, which can be channelled to Europe.

(Source: CNA)