Egypt Considers Unified Energy Ministry Amid Renewable Energy Push
Date
5/16/2024 4:15:48 AM
(MENAFN- Daily News Egypt)
Egypt is exploring the merger of its petroleum and Electricity and renewable energy ministries into a single entity, Mohamed Fouad, Secretary General of the Egyptian gas Association revealed on Wednesday.
Speaking at the Invest in African Energy (IAE) Forum in Paris, Fouad
explained that the creation of an integrated Energy Ministry would“make discussions and open dialogue with international companies much more efficient.”
The move comes as Egypt increases investments in renewable energy and clean energy, including nuclear power, aiming for a balance between hydrocarbons and renewables in its energy mix.
According to Fouad,“We are increasing and putting a lot of investments in renewable energy and clean energy while investing a lot within nuclear energy. We see the dynamics of creating a balance in our energy mix to be in favour of the country and the region.”
This shift mirrors a broader trend in North Africa, where countries like Morocco are also pursuing integrated energy strategies. Chariot Energy Group CEO Adonis Pouroulis emphasised the importance of gas for baseload power in Morocco, stating that“with hydrocarbons as your baseload, you can be more relentless in new technologies going forward.”
Both Egypt and Morocco are investing heavily in energy infrastructure to support these developments. Fouad stressed that“you will not have more energy investments if you do not have infrastructure. Reliable, sustainable and cost-efficient infrastructure adds value.” Morocco, for example, is leading the construction of the Nigeria-Morocco Gas Pipeline, a project hailed by Pouroulis as a testament to cross-border collaboration in Africa.
Meanwhile, Libya is targeting a production increase to two million barrels per day within three years, with 45 ongoing energy projects. This growth has spurred demand for insurance services, as highlighted by Zakaria Albarouni, General Manager at Al Baraka Insurance, who noted their comprehensive coverage for onshore and offshore energy projects.
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