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European Union and Egypt sign agreement on energy
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European Commission President Jose Manuel
Barroso. (AP Photo/Virginia Mayo)
In Brussels today Tuesday the European Commission and the Arab Republic of Egypt agreed to enhance EU-Egypt energy cooperation.
“Egypt is a strategic energy partner for the EU”, said Commissioner Benita Ferrero-Waldner. “The memorandum that we are signing today will upgrade our cooperation in the sector recognizing Egypt’s role as the sixth largest natural gas supplier to the EU and a key transit country between the Middle East, Africa and the EU”.
Next to oil natural gas is the most important fuel in the EU’s energy mix. Currently the European Union imports 61 % of its natural gas consumption from outside the union, 42% of those imports come from Russia.
“The European Union is developing an integrated energy policy for coping with energy sustainability and climate change”, said EU Energy Commissioner Andris Piebalgs.
In November the European Commission announced measures to reduce its reliance on imported energy. Construction of a “Mediterranean Energy Ring” would connect more European households to solar- and wind energy, the commission said, and possibilities of creating an offshore wind park is being studied. The ambition is to replace national grids and to integrate small renewable energy suppliers as well as large power suppliers into a Europe-wide energy super grid.
The agreement between the EU and Egypt will cover energy market reforms, convergence of Egypt’s energy market with that of the EU, promotion of renewable energy and energy efficiency, development of energy networks as well as technological and industrial cooperation.
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