"The secret of success is to know something nobody else knows"

Aristotle Onassis

Meeting: March 12, 2018: Egypt as the up-and-coming energy hub of the East Med regional gas markets — plenty of gas, but where is it going?

This interactive discussion of the Brussels Energy Club addressed the topic of:

 

Egypt as the up-and-coming energy hub of the East Med regional gas markets — plenty of gas, but where is it going?

 

And took place on Monday March 12 2018, 4-8pm @ TUSIAD Avenue des Gaulois, 13, Brussels 1040

 

With special guest speaker:

 

Dr Madgy RadyDr Magdy Rady

Independent Expert in Economic Affairs and Energy Policies.

Former Assistant Minister of Foreign Affairs for International Economic Relations and International Cooperation, Egypt

 

 

 

 

 

 

Background:

We have had a number of enthralling meetings on the topic of East Med gas at the Brussels Energy Club in recent years, with a particular focus on Israeli gas assets. Yet Egypt, with the discovery of the Zohr gas field still fresh in our minds, has the potential of becoming the "Turkmenistan" of the East Med gas scene. That is, Turkmenistan in the sense that "we know that they have lots of gas, but little idea of how they intend to realise its full potential". Egypt was once a MENA gas producer of some acclaim, feeding molecules into the Arab gas pipeline and exporting to the neighbours (although in smaller volumes than Turkmenistan to its neighbours). We once even talked of a "peace pipeline" connecting Egypt to Israel. Yet all of this evaporated as spiralling population growth in Egypt, a so-called Arab Spring, as well as insufficient investment led to Cairo slipping from the ranks of the gas producers to a deficit country in terms of the gas supply.

The discovery of the Zohr field in the Egyptian waters of the Mediterranean by Italian oil giant ENI has seemingly once again turned the tables in Cairo's favour. The discovery also generated no shortage of excitement in Brussels — a major new gas discovery on Europe's door step to bolster our security of supply — all to the chagrin of our friends, the Russians. However, the Russian political spin-doctor, Vladimir Zhirinovsky, once said that "Rossiya" will have the last laugh when it comes to all god things in life. In came Rosneft, taking a piece of the pie. For those of you who may have missed it, amidst friendly discussions between Cairo and Moscow last year, Rosneft signed a deal with ENI to acquire a 30% stake in the Zohr field, worth an estimated $US1.125 billion. Then, earlier this month, we hear Benjamin Netanyahu haling Israel's Delek Drilling, which just announced a $US15 billion contract to supply Israeli gas to Egypt's Dolphin Energy over a period of 10 years.

Confused? Well, this is the gas business in the East Med in 2018 and this is why we welcomed the likes of Dr Magdy Rady to drop in from Cairo and enlighten us with what is really going on. He elaborated on whether Egypt has become the Turkmenistan, or more likely the Iran (plenty of gas but we continue to import occasionally) of the East Med gas markets.

 

Program March 12, 2018: 16.00 — 20.00:

  • Arrival of members and guests leading into welcome cocktail   
  • Setting out the debate by Dr Marat Terterov, Initiator and Founder, Brussels Energy Club,
  • Presentation by Dr Magdy Rady starting at 16.30
  • With comments from Fabio Marchetti, Vice President for Government Affairs, ENI, Founding Member of the Brussels Energy Club
  • Roundtable discussion with meeting participants (NB: the Chatham House Rule will apply).
  • Our traditional networking reception with gala buffet will follow the main discussions

 

Speaker information

Dr. Rady is currently an Independent Expert in Economic Affairs and Energy Policies based in Cairo, Egypt. From 2012 up until very recently he worked as Assistant Minister of Foreign Affairs of Egypt. He supervised the "Energy Unit" at the Ministry, which is a coordinating body for government policies in this field. He was also the coordinator of Egyptian representation to IRENA. Dr. Rady was appointed as the "Sherpa" of Egypt to the G-20 meetings during the Chinese Presidency in 2016. He also acted as the Egyptian representative to the G-7 Deauville Partnership activities since 2013.     

Previously, he also worked for seven years as the Spokesman of the Egyptian Cabinet of Ministers and as the Advisor of the country's Prime Minister on international relations.  He has also served as a Senior Expert in the Ministry of Health in the field of Pharmaceutical Development and as an advisor to the Minister of Health for International Affairs.    

Dr. Rady was the head of the Unit for Negotiations on the Association Agreement between Egypt and the European Union at the Embassy of Egypt in Brussels from 1995 until the agreement was concluded in 2000.  He holds a degree in Medicine from Cairo University and a Ph.D. in Biotechnology from the Universita di Bologna, Italy, in addition to diplomas in public diplomacy and international relations

 

Further information

Participation in the interactive discussion at TUSIAD venue will be free of charge for members and guests of the Brussels Energy Club. For more information please contact Ben McPherson on research@brusselsenergyclub.org.

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