Egypt’s population of 92 million is set to grow by 17 million in as little as a decade. Without increased domestic energy supplies, the country will demand increased imports. BP, a partner with Egypt for decades, is working hard to increase natural gas production in the ancient country.
Today, Egypt needs to take advantage of a very different kind of natural resource to help realise what’s known as its ‘Vision 2030’. The goal of this strategy is to create a competitive, balanced and diversified economy to achieve sustainable development and improve people’s life quality. …
“Our oil and gas industry is pivotal to the country’s development,” says Minister for Petroleum and Mineral Resources, Tarek El-Molla. “Therefore, our sector’s strategy to become self-sufficient in gas supply, to increase refining capacity and to become a regional energy hub is all geared towards achieving the 2030 vision of Egypt – as a competitive, balanced and diversified economy.
“Everybody knows that we have a fantastic geographical location between the Red Sea and the Mediterranean. But, in itself, this is not enough to qualify us. We also have important infrastructure: the Suez Canal, gas processing plants in Damietta and Port Said, refineries on two coasts, the Sumed pipeline running from the Gulf of Suez to offshore Alexandria, a national gas grid and, of course, the natural resources.
“In this way, we’re well positioned to not only produce our own energy in future, but also process supplies from other countries as well.”
Read more here.
50 years in Egypt
Latest posts by Dick Young (see all)
- Can Politics Predict the Markets in 2019? - December 7, 2018
- Are You Investing in the Armored Truck of Financial Markets? - December 5, 2018
- Most People Aren’t Measuring Performance Correctly: Here’s How - November 30, 2018