As Egypt becomes an energy superpower, a strong British presence at EGYPS confirms UK as Egypt's Top Oil & Gas partner
On 14-15 February, British Ambassador to Egypt John Casson and UK Trade Envoy Sir Jeffrey Donaldson attended the first ever Egypt Petroleum Show (EGYPS2017), opened by President Sisi.
EGYPS2017 is the largest Oil and Gas industry event to happen in North Africa, and the UK played a leading role with over 40 British companies from English and Scottish trade missions exhibiting, and strong British representation in all the panel discussions.
The size of the Energy Industries Council (EIC) and Scottish Development International (SDI) delegations represents the UK’s commitment to helping Egypt develop its Oil and Gas industry, and highlights the natural synergy between the UK and Egypt. The UK has over 50 years experience working in the North Sea, one of the world’s most challenging environments, and the skills developed in deep water offshore oil and gas production can be used to support Egypt in becoming an Eastern Mediterranean energy superpower.
The British Ambassador toured the UK pavilion and talked to participating companies including Flexitallic Ltd, an international manufacturer and supplier of static sealing solution for oil and gas, chemical, nuclear and power sector, and Wolf Safety Lamp, a global leader in the manufacturing of hazardous area portable and temporary lighting. The companies showcased the latest British technologies that are being brought to Egypt and expressed their desire to expand their operations to the Egyptian market.
The Ambassador also met with Hossam ElMasry, a Chevening scholar studying at the University of Aberdeen and a reservoir engineer at Petrobel. ElMasry presented a paper on Low Salinity Waterflooding, a new method to increase oil recovery, and explained how the pioneering technology is being implemented by Petrobel in Egypt.
2017 is critical year for Egypt’s economy and investment is by far the most important factor as the source of sustainable dollar flows, jobs and global competitiveness. Britain is already number one investor in Egypt, but UK companies are keen to explore the evolving opportunities in the Egyptian and North African energy arena. BP is adding to its $30 billion investments in Egypt with a further $13 billion over the next five years, which totals more than the IMF programme, and is part of a wider wave of British investment. This is yet more evidence that the UK is committed to further deepening cooperation and supporting Egypt’s economic growth at this vital time through a new generation of investment.
British Ambassador to Egypt said:
Energy investment is what will revive Egypt’s economy in 2017. Everyone visiting this show can see that British investors are leading the way with the fastest action, the biggest investments and the world’s best technology to get the benefit from Egypt’s two huge new Mediterranean fields. Who else is here with two national pavilions and more than 40 companies? Who else has two of their nation’s 4 biggest companies here? Who else is investing more than $13bn in the next 5 years - more than the whole IMF? Only Britain - Egypt’s number one investment partner. I have talked today to British companies big and small. I am delighted by their enthusiasm for Egypt and proud of the level of cooperation they are building with their Egyptian counterparts in Government and private sector.
UK Head of Department for International Trade for Egypt said:
I’m extremely pleased to be able to welcome Sir Jeffrey back to Egypt along with the four trade delegations supported by Invest Northern Ireland, the Egyptian British Chamber of Commerce, the Energy Industries Council and Scottish Development International. The fact that such a large number of UK companies are visiting this week demonstrates the UK’s commitment to increase the trade/investment between Egypt and the UK. I very much hope that companies visiting Egypt for the first time witness for themselves the market potential. Already this week, we have had some very fruitful discussions with Dr Ahmed Darwish, the Alexandria Business Association, British Egyptian Business Association and Egyptian Junior Business Association. Companies have also been given direct access to the Ain Sokhna port and the site for the new capital where they have been able to see for themselves the scale of investment currently underway. My team and I look forward to continuing to provide support which will hopefully yield some good results.