UK says committed to investing in Egypt as it becomes an energy superpower

The UK is committed to deepening cooperation and supporting Egypt's economic growth, the British Embassy in Cairo said in a statement following a visit by the country's ambassador and a trade envoy to an oil and gas industry event on Tuesday and Wednesday in Cairo.

"Energy investment is what will revive Egypt's economy in 2017," Ambassador John Casson was quoted as saying, following the visit.

Forty British companies showcased their portfolios in the event, Casson said, including two of Britain's four biggest companies in the oil and gas sector.

UK's Head of Department for International Trade for Egypt said the British companies at the event were "visiting Egypt for the first time to witness for themselves the market potential."

Egypt’s natural gas production is currently estimated at around 4.4 billion cubic feet per day (bcfd), and is expected to increase by 1.5 bcfd by the end of 2017.

In May 2016, the country's petroleum ministry predicted that production would rise to a range of 5.5 to 6 bcfd by the end of 2019

Source: Ahram online