Egypt is on its way to become an energy hub in the region, said British Ambassador to Egypt Sir Geoffrey Adams said on Thursday.
The $325 agreement between Egyptian Electricity Transmission Company (EETC) and Britain’s Lekela Power aims to build a 250 MW wind farm in Gulf of Suez, Adams said, adding that a number of British firms will be supporting Egypt to help it achieve its goal.
“I am proud that this week alone, BP, Shell, and Actis made new investment announcements in Egypt, creating job opportunities and pushing the Egyptian economy forward,” he said.
Egyptian ‘s Prime Minister Moustafa Madbouly, Electricity Minister Mohamed Shaker, Investment Minister Sahar Nasr, and the British Ambassador attended the ceremony of signing the agreement.
The wind farm will help Egypt achieve its scheme to produce 20 percent of energy from new and renewable sources within 2022.
UK investments in Egypt’s renewable energy sector been witnessing consecutive boosts; recently, UK Export Finance unveiled its support to the Tahrir Petrochemical Complex that aims to double Egypt’s exports, with a $1.6 billion fund.
This week, 33 leading British companies are showcasing their expertise in the oil and gas sector in this year’s edition of the Egyptian Petroleum Show (EGYPS.) Out of these exhibiting firms, 20 are exploring potential opportunities for the first time.
The British Ambassador visited the exhibition and met with a bunch of leading business figures, who expressed interest to invest in the Egyptian market.
Sir Adams also met with BP Group’s CEO, Bob Dudley; and Stuart Jones, regional president for Europe and Middle East at Bechtel, and discussed running UK investments in energy sector, and their plans for future growth.
