An ambitious project to connect Egypt’s electricity grid with Greece, and by extension with the rest of southeast Europe and possibly Italy and beyond, received another very high-profile fillip on Saturday, with Egyptian President Abdel El-Sisi himself chairing a meeting with the head of a Greek energy multinational.
El-Sisi received the founder and head of the Copelouzos group, Dimitris Copelouzos, at the presidential mansion in Cairo, for a meeting also attended by the country’s prime minister, relevant minister and executives of the Athens-based company.
Copelouzos Group is a lead company in a project aimed to construct an undersea cable that will carry 3,000MW of RES electricity from the northern Egyptian coast directly the greater Athens area.
According to the company, preliminary planning and talks for the GREGY project are “proceeding at a rapid pace”, with the Egyptian leader also speaking by phone last week with Greek PM Kyriakos Mitsotakis.
In a press release issued on Saturday, the Egyptian presidency noted that “…President Abdel Fattah El-Sisi met with the President of Copelouzos Group, Mr. Dimitris Copelouzos. The meeting was attended by Prime Minister Dr. Moustafa Madbouly, Minister of Electricity and Renewable Energy Dr. Mohamed Shaker and a number of senior executives from the Greek Group.
“The Spokesman for the Presidency, Ahmed Fahmy, said the meeting touched on opportunities for cooperation with the Greek Group to implement electricity production projects from renewable energy sources in Egypt, and transfer them to Europe through Greece via the electrical connection between the two countries. This shall maximize benefiting from the modern infrastructure established and developed by Egypt in the field of electricity over the past years, in addition to the natural resources it enjoys, such as wind and solar energy sources.
“There was agreement to continue the ongoing studies to crystallize cooperation with Copelouzos Group to establish projects for the production and transfer of clean energy from Egypt to Europe through Greece to consolidate Egypt’s position as a regional hub for the trading of all types of energy.”
Latest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%