EGAS, Greece’s Copelouzos partner on natural gas trade, supply

Updated 10/14/2024 11:12:00 AM

Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) has signed a partnership agreement with the Greek Copelouzos Group, as per a statement.

The shareholders' agreement, which will establish a joint venture based in Greece, is part of Egypt's broader plan to position itself as a regional energy hub, particularly in trading liquefied natural gas (LNG) by increasing exchange with countries in the Eastern Mediterranean.

As per the agreement, both sides will strengthen collaboration in the trade, transport, and supply of natural gas, with a focus on Eastern European countries and Greece.

The signing was witnessed by the Egyptian Minister of Petroleum and Mineral Resources Karim Badawi.

The agreement follows a recent meeting between Egyptian President Abdel Fattah El-Sisi and the Chairman of the Greek Copelouzos Group, in which several projects, including the supply and marketing for natural gas in Eastern Europe, were agreed upon.

During the signing ceremony, Badawi highlighted the agreement as a starting point for deeper collaboration in the future, especially in sharing expertise and capabilities between the petroleum sector and the Greek Group.

Badawi also noted the importance of this partnership in meeting the energy needs of both countries.

Dimitris Copelouzos, Chairman of the Greek Group, expressed his appreciation for Egypt's strategic role in the region and its attractiveness as an investment destination, particularly for international energy companies.

He highlighted the potential of Egypt’s gas liquefaction plants in Damietta and Idku, which provide significant opportunities for Copelouzos Group. Kopelouzos also voiced optimism about future projects with the Egyptian government and the petroleum sector.