Devaluation of Egyptian pound to help energy industry

09/11/2016 06:05 AST

The devaluation of the Egyptian pound last week by the country’s Central Bank will help Egypt’s energy industry attract more investments and pay current contractors, according to Tarek Al Molla, Egypt’s Minister of Petroleum and Mineral Resources.

Speaking on Tuesday at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), the minister said he expected to see $30 billion (Dh110.1 billion) worth of investments in oil in Egypt in three years.

Al Molla also discussed Egypt’s energy plans saying the country is committed to becoming an energy hub and is committed to achieving self-sufficiency in energy by 2021. He added that by 2021 Egypt is also aiming to export a small portion of its liquefied natural gas (LNG) production.

After long being a net energy exporter, Egypt became a net energy importer in the past few years. Al Molla said becoming a net importer created “very pressing” challenges that were not sustainable, and led the government to change its energy strategy.

As per the country’s new energy strategy, the minister said renewable energy will account for 30 per cent of Egypt’s produced energy by 2035. Additionally, the minister said fuel subsidies will be completely lifted in three years, with the country having already reduced its fuel subsidies.


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