Egypt has all the potentials to become a regional energy center, British Gas (BG) Group COO Sami Iskandar said.
Speaking from Sharm El Sheikh, where he will attend Egypt Economic Development Conference, Iskandar said Egypt has the largest energy infrastructure in the Mediterranean region, including gas plants, gas liquefying factories and pipelines.
He hailed the government’s efforts to pay the financial dues of foreign partners in the energy sector, saying that BG has received nearly $700 million of its $900 million.
Iskandar said he was upbeat about the Egyptian economy’s ability to recover and rebound strongly, especially in the energy sector.
BG is the largest foreign investor in Egypt after the 2011 revolution with over $3.5 billion, he said.
He also praised the Egyptian government's decision to cut down energy subsidy to minimize the budget deficit.