CAIRO, Nov 20 (MENA) - Prime Minister Mostafa Madbouli stressed on Wednesday that Egypt-Saudi Arabia electricity interconnection project is proceeding well, stressing that the State is planning to carry out a number of power linkage projects within the coming period with Europe.

At the weekly cabinet press conference, Madbouli said the government is continuing its electricity interconnection project with Greece, adding that the EU has adopted this project as one of the top priority ventures for the union and dedicated a special funding for it.

He said Electricity Minister Mahmoud Esmat uncovered today detailed technical studies for the energy project with Greece, calling on the State to contribute to finding final studies of the project as Egypt and the European Union will be the project’s primary beneficiaries.

About positive developments regarding the Zohr gas field, he said delays in payments to the Italian operating company had hindered further investment but after Egypt showed commitment to settle monthly dues, the company’s chairman visited Egypt and met with President Abdel Fattah El Sisi and agreed to resume drilling operations to enhance production.

The primary drill rig is expected to return by year-end, with production expected to fully recover by mid-2025. This will significantly reduce Egypt’s import bill and boost exports, Madbouli noted.

On the export support program, the prime minister said Egypt has spent more than EGP 60 billion in recent years to support exports. (MENA)
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