Terry Willis, Director of Africa and Middle East at the Energy Industries Council (EIC), has affirmed Egypt as a key market for leading British companies working in the oil and gas sector.
Willis was in Egypt leading a week-long trade mission for eight British companies that provide specialised goods and services to the global energy industries. The mission is being hosted by UK Trade and Investment (UKTI) in Cairo.
British Ambassador John Casson said: “This visit is further evidence of how Britain and Egypt are ideal business partners. We all know about the enormous investments that the big, British energy giants like BP and BG have made in Egypt.
“But the British energy sector also boasts many smaller, specialist companies that provide essential goods and services vital for the energy industry. With decades of experience at the cutting-edge of oil and gas exploration in the UK’s North Sea, these companies have unrivalled skills, training, and technology.
“Ultimately, this is important because these companies have exactly what Egypt needs to exploit its new discoveries effectively and thereby harness the energy to power its economy. That means new British-Egyptian partnerships would not just be good business, they would be good news for the future of Egypt’s development as well.”
Willis and the delegates have met representatives from BP, ENI, and Petrojet as well as the Egyptian Electricity Holding Company (EEHC).
Willis said: “With recent field discoveries and a more stable government, Egypt has emerged as a key new target for UK companies.”
The EIC mission to Egypt comes shortly after the visit of Jeffrey Donaldson MP earlier this month, his first in his new role as Prime Minister David Cameron’s Trade Envoy to Egypt.
During his visit, Donaldson visited British energy company BG’s world-class liquefied natural gas plant at Idku. He also met Minister of Petroleum Tarek el-Molla to discuss existing British investments in Egypt’s energy sector and future opportunities, such as involving more British businesses in providing supply chain services.
The UK is Egypt’s number one investor and British companies have a long-term, committed history in Egypt’s energy sector. BG and BP are two of Egypt’s most important long-term, committed investors and have together invested almost $40bn in the country.
BP’s USD12bn investment in the West Nile Delta project was the largest investment deal in Egypt’s history and the project is expected to produce the equivalent of 25 per cent of Egypt’s current gas supply.
27 February 2016