Egypt is seen as resource-rich country for private energy sector: German officials

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Egypt - The German-Arab Chamber of Industry and Commerce (AHK Egypt), in conjunction with the German Federal Ministry for Economic Affairs and Climate Action (BMWK), Embassy of Germany in Egypt and the German Agency for International Cooperation (GIZ) held its 1st high level steering committee meeting on energy and hydrogen cooperation between Egypt and Germany on Sunday 12th March, 2023, to discuss and establish a stronger framework for the cooperation between Egypt and Germany in the field of energy, specifically hydrogen.

The high-profile meeting was attended by Stefan Wenzel, Parliamentary State Secretary of the BMWK, Rania A. Al-Mashat, Minister of International Cooperation, Tarek El Molla, Minister of Petroleum and Mineral Resources, Mahmoud Esmat, Minister of Public Business Sector, Ahmed Mohamed Mohina, First undersecretary of Research Planning and Authorities at the Ministry of Electricity and Renewables and Stefanie Soerensen, Deputy Head of Development Cooperation at the Embassy of the Federal Republic of Germany in Cairo.

The roundtable was moderated by Jan Noether, CEO, AHK Egypt with Ellen von Zitzewitz, the Deputy Head of Division of the BMWK.

This meeting is one of the first steps of implementation, after signing a MoU on 3 November 2022, between the BMWK, The Federal Ministry for Economic Cooperation and Development (BMZ) and the Egyptian Ministry of Electricity and Renewable Energy, The Egyptian Ministry of Petroleum and Mineral Resources, and the Egyptian Ministry of International Cooperation.

After Noether welcomed the guests, Wenzel opened the roundtable by highlighting the importance of strengthening the partnership between Egypt and Germany, especially since “Egypt is an incredible resource rich country,” which is what makes it an attractive investment opportunity for private German businesses working in the fields of electricity, oil, and gas.

On the Egyptian side, the ministers showed an immense willingness and openness for strengthening the bilateral agreements between both countries, as well as, accommodating the needs of the German private sector companies and investors. El-Molla informed the guests about the National Energy Strategy of Egypt, which is aimed at stimulating economic growth, preserving natural resources and promoting sustainable development.

Mohina highlighted the great potential that Egyptian renewable energy has by announcing that 5200 km2 of potential renewable sources have been allocated.

Al-Mashat pointed out that the energy transition, decarbonization, and all energy-related issues are high on the agenda of the two countries’ work. According to Essmat, the ministry is taking serious steps towards green transformation, through its subsidiaries, which has encouraged the establishment of several projects with the private sectors, such as the green ammonia plant in Suez.

Contributing to the discussion were around 70 significant senior officials from German and Egyptian companies operating in the field of green energy such as DAI Infrastruktur Gmbh, INP Egypt LLC, MAN Energy Solutions Egypt, Siemens Energy, SPG Steiner GmBH, thyssenkrupp Industrial Solutions Egypt, TÜV NORD, Uniper Global Commodities SE and VNG AG.

The private sector showed an overall willingness to be part of the transformation to green energy, while acknowledging the abundance of resources and elements in Egypt, which can be used to produce green energy.