Egypt 2015 Strategic RoundtableJanuary 19, 2015
The Oil & Gas Year organised its very first Egypt strategic roundtable discussion in Cairo. Held at the Four Seasons Nile Plaza hotel, the event gathered top-level executives from Egypt’s oil and gas industry and banking sector to discuss topics such as the state of the country’s downstream sector, the opportunities that can be derived from the Suez Canal Expansion and Egypt’s Petrochemical Development Strategy.
According to Mohamed Abdel Aziz Metwally, chairman and CEO of refinery operator MIDOR, Egypt’s downstream sector would benefit from “the modernization of existing refineries and the construction of new ones.” He also urged the country to think big saying that “Egypt must think of itself as a global hub.”
Cabron Holdings chairman and CEO Basil El Baz echoed Metwally’s sentiment, and stated that Egypt had to concentrate on manufacturing rather than assembling. “Producing feedstock for petroleum plants and refineries within the country is essential, El Baz said.
Co-moderator and executive chairman of energy distribution company TAQA Arabia Khaled Abubakr pointed to the role the Suez Canal Expansion could play. “The new Suez Canal project will help in making Egypt a global hub for petrochemicals.
For that to happen, Wafik Hanna, partner at Deloitte, said that free zones would have to be created to attract investors. The “revision of existing regulation” would be needed in that regard as well.
The Commercial International Banks Heba Abdel Latif presented an equally long-term vision. “We need to look beyond the short/medium term and liberalise the oil and gas industry to go forward.”
TOGY’s Egypt 2015 strategic roundtable event was sponsored by Deloitte and Carbon Holdings.