The European Union (EU) and Egypt signed a memorandum of understanding (MoU) on Tuesday to enhance energy cooperation between the two sides.
The MoU covers energy market reforms and convergence of Egypt's energy market with that of the EU, promotion of renewable energy and energy efficiency, development of energy networks as well as technological and industrial cooperation.
The document was signed by EU Commissioner for External Relations Benita Ferrero-Waldner, Commissioner for Energy Andris Piebalgs, and Egyptian Foreign Minister Ahmed Aboul Gheit.
"Egypt is a strategic energy partner for the EU. The memorandum that we are signing today will upgrade our cooperation in the sector recognizing Egypt's role as the sixth largest natural gas supplier to the EU and a key transit country between the Middle East, Africa and the EU," said Ferrero-Waldner.
"It's a crucial step forward toward the development of Egypt's energy market, but also toward the creation of this Euro-Mediterranean energy market," she said.
Gheit stressed the need to widen Egypt-EU energy cooperation to new areas such as solar energy and wind energy. Egypt's potential in renewable energy on the coast of the Red Sea is beyond imagination, he said.
Egypt is a significant oil producer and an emerging supplier of natural gas in the Mediterranean region. Egypt also plays an important role in exports of liquidized natural gas and global oil transport via the Suez Canal, and is currently engaged in the development of regional gas and electricity networks.
Source: Xinhua
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