Egypt Aspires to Emerge as Energy Hub
Cairo, Egypt | February 23, 2010 by
Egypt is keen on implementing program to utilize its geographical location to become a major energy hub for the region
Cairo aims to embark on an ambitious national plan to exploit its geographic location to become a regional energy hub, the Egyptian energy minister said.
Mahmoud Latif, chairman of the Egyptian Natural Gas Holding Co., said natural gas reserves in Egypt stood at 77.2 trillion cubic feet at the end of the 2008 fiscal year.
Egyptian Petroleum Minister Sameh Fahmi, for his part, said the country was implementing a program to utilize its geographical location to become a major energy hub for the region, the official Egypt State Information Service reports.
Egypt began supplying natural gas to Lebanon in September. The country could link its Trans-Arab pipeline, meanwhile, to Nabucco.
Europe aims to break the Russian hold on the European energy sector with its Nabucco gas pipeline. The project would move Middle Eastern and Central Asian natural gas through Turkey along a route that avoids politically sensitive territory in Ukraine.
Fahmi offered few specifics on his plans, though ESIS noted the minister gave his comments during a conference this week that covered “major upstream and midstream technical topics.”
D-8 Organization is keen on building stronger cooperation among its memberstates in oil sector. On 1-2 June 2008, the Government of The Arab Republic of Egypt has successfully hosted the Fourth D-8 Working Group Meeting on Energy in Cairo, which was attended by, among others, the D-8 Secretary General and representative from Islamic Development Bank.
News Source: UPI.com, D-8.
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