Back to the complete issue
Sunday, 18 November 2018

US sees great potential in Eastern Med project

The US sees significant potential in the Eastern Mediterranean energy project and “will continue advancing energy development in the region as a priority,” Assistant Secretary of State Francis Fannon said, according to the AP. Fannon, who is in charge of energy-related affairs, made his remarks on the sidelines of Nicosia meetings between Cyprus, Israel and Egypt to discuss their Eastern Med energy cooperation. Egypt has been working to establish itself as the region’s premier energy hub. To that end, the government signed an agreement with Cyprus in September to jointly build a USD 1 bn pipeline connecting Cyprus’ Aphrodite natural gas field to liquefaction plants in Egypt, which will use it to meet local demand and export the rest to Europe. Egypt has also agreed to import natural gas from Israel under a USD 15 bn pact.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.