2024/10/14

Egypt, Greece partner to expand gas trade in Europe

Minister of Petroleum and Mineral Resources, Engineer Karim Badawy, witnessed the signing of a shareholders' agreement to establish a joint company headquartered in Greece. This new venture is a partnership between the Egyptian Natural Gas Holding Company (EGAS) and the Greek Copelouzos Group. The primary objective of this joint company is to trade, transport, supply, and re-gasify natural gas in Eastern European countries and Greece.

This agreement is a direct result of a meeting between President Abdel Fattah El-Sisi and the head of the Copelouzos Group, during which they agreed to implement several projects, including the supply and marketing of natural gas in Eastern Europe.

The agreement was signed by Engineer Mohamed Youssef, Chairman of EGAS, and Panos Moschandros, Business Development Director of the Copelouzos Group. The signing ceremony was attended by Dimitris Copelouzos, Chairman of the Greek Group, and Ioannis Karidis, CEO of the Group for Renewable Energy, Energy Storage, and Interconnection, as well as Engineer Moataz Atef, Deputy Minister for the Technical Office and Official Spokesperson for the Ministry.

During his reception of the Greek delegation, Badawy emphasized the depth and strength of the Egyptian-Greek relations. He stated that this agreement marks the beginning of opportunities to expand cooperation in the future, highlighting the potential for exchanging expertise and capabilities between the petroleum sector and the Greek group, particularly in meeting the energy needs of both countries.

For his part, the Chairman of the Greek group expressed his appreciation for Egypt's pivotal role in the region and its substantial potential. He emphasized that Egypt's attractive investment climate, particularly for global oil companies, is driven by its abundant resources and strategic location.

The Greek Chairman underscored his group's keen interest in leveraging Egypt's petroleum sector capabilities, especially the Damietta and Idku liquefied natural gas plants. He expressed confidence in the prospect of deepening the partnership with the Egyptian petroleum sector and the new Egyptian government through future projects.

The Chairman of EGAS also confirmed during the meeting that the agreement had been studied and worked on intensively over the past period and that it represents a starting point for strengthening the partnership between the two parties in the future.

The Deputy Minister for the Technical Office and Official Spokesperson for the Ministry highlighted the significance of these strategic partnerships in the region. He emphasized their role in addressing the energy needs of all parties involved while fostering mutual benefits.

This agreement aligns with Egypt's broader strategy to strengthen its position as a regional energy hub, particularly in the liquefied natural gas trade. By expanding commercial exchange with Eastern Mediterranean countries, Egypt aims to further solidify its role in the energy sector.