By MONA DIAA and MEDHAT ADEL
CAIRO: Citadel Capital warned for the possibility of halting the industrial sector in Egypt due to a shortage in energy, the representative member of the company’s Energy Department stated during the ninth annual conference on restructuring institutions held by the Egyptian National Competitiveness Council (ENCC) on Sunday.
Citadel Capital representative Mohamed Shoeb called on attendees to prepare a crisis-management plan for energy production until 2020 before the next upcoming elections, due in a couple of months.
According to Shoeb, solar energy must be utilized at least by 20 percent, especially in residential areas where it would contribute to energy saving by 25 percent over the next five years.
Shoeb added that the government monopolized energy so far with subsidized prices, but that it cannot face the challenge without the contribution of the public sector, in which there is not much competitiveness, adding that energy resources are crucial for economic growth.
Shoeb also reminded that current energy production rates are in decline to less than 5,00 square feet of gas produced on a daily basis. Oil companies are more focused on petroleum imports, which only result in an accumulation of debt to foreign companies and a lack of new investments, Shoeb said, pointing out that if it was not for Gulf support, Egypt would have suffered a severe oil crisis.
Citadel Capital is one if the leading investment companies in the Middle East and Africa, mainly in energy, transportation, agrifoods, mining, and cement.
Originally published in Youm7.