The House of Representatives has ratified an additional $50m financing agreement for the Suez Oil Processing Company’s (SOPC) Energy Efficiency Improvement Program.
The agreement was signed between the Ministry of International Cooperation, acting on behalf of the Egyptian government, and the European Bank for Reconstruction and Development (EBRD).
The agreement aims to raise energy efficiency and improve the oil and gas sector’s performance, with the funds going towards improving operational efficiency at SOPC refineries. The funds will also be invested in enabling the company to introduce cleaner fuel.
The additional financing agreement, which was signed on 23 November 2019, follows an initial $200m provided in May of the same year, also by the EBRD, for a refinery.
Rania Al-Mashat, Minister of International Cooperation, stated that the agreement supports Egypt’s transformation into a regional energy hub. It is anticipated that the agreement will lead to new job opportunities, whilst at the same time providing clean energy as part of work on the environment and sustainable economic growth.
It also contributes to achieving four of the UN’s sustainable development goals (SDGs). This includes providing affordable and clean energy, ensuring decent work and economic growth, work on Industry, Innovation, and Infrastructure, and creating partnerships for the goals.
In a report by the Parliament’s energy and environment committee, MP Talaat Al-Suwaidi, said it had approved the agreement for its role in developing production at the SOPC. The agreement also aided in implementing the agreed projects at high efficiency, particularly in line with the company’s keenness to observe good environmental practices.
This would ensure reduced pollution whilst supporting the local market through various petroleum products that contribute to providing the Egyptian market’s basic needs. The agreement also looks to provide continuous improvements in occupational health, employee safety, and environmental protection.
