BERLIN – The Arab-German Chamber of Commerce and Industry said that the Egyptian government had allocated in the past few years huge spaces off Egypt’s shores to produce natural gas as well as implementing projects to discover new areas in the country in the western desert, Suez Canal and Delta.
In a report issued on Wednesday under the title “Drivers of growth for the energy industry in Egypt”, the chamber said that Petroleum Minister Tarek el-Molla said the energy sector had received about USD six billions of direct foreign investments in 2021-2022, noting that Egypt is exporting energy not only to Arab countries but also to European ones.
The energy sector in Egypt will be an Egyptian economic pillar in the future, the report said, adding that the COP27 had asserted that the renewable energy had become an important economic factor as numerous of decelerations of intent were signed between Egypt and German entities to produce 20 megawatts from wind energy.
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