Athens, 19 February 2025 – Greece’s Minister of Environment and Energy, Mr. Theodoros Skylakakis, and the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Mr. Karim Badawi, signed yet another significant energy agreement between the two countries; a Memorandum of Understanding (MoU) that focuses on Cabron Capture Usage and Storage (CCUS), and further deepens the ongoing and multi-faceted cooperation between Egypt and Greece.
The two Ministers met in the context of EGYPES (Egypt Energy Show) 2025. Present in the meeting was the CEO of the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), Mr. Aristofanis Stefatos, as HEREMA is Greece’s licensing authority for the exploration and underground storage of gases and liquids – including the geological storage of CO2. HEREMA will play a key role in the implementation of this MoU that facilitates the sharing of expertise, best practices and business models, as well as alignment with the European regulatory framework, in the rapidly developing CCS sector – for the mutual benefit of both countries.
More specifically, this Greece-Egypt MoU provides for the formation of Joint Working Groups comprising experts from the Greek Ministry of Environment and Energy and HEREMA, along with their Egyptian peers. The Working Groups aim to establish an integrated CCS regulatory framework in Egypt, building on the experience of Greece that is maturing its own national framework to implement the flagship Prinos CO2 project.
In addition, the two co-signatories will collaborate to identify potential areas in Egypt that may be suitable for C02 storage projects, and explore other utilization processes for captured CO2. And lastly, the Joint Working Groups shall assess financial models and the CCS value chain to support investments in the sector.
Commenting on the agreement, Minister Skylakakis stated: “With my Egyptian counterpart, we signed a very important Memorandum of Understanding that promotes the collaboration between Greece and Egypt in Carbon Capture Usage and Storage (CCUS). Our initiative facilitates the exchange of expertise in this specific sector, while also highlighting the need for coordinated efforts to develop infrastructure-storage facilities for CCS/CCUS; efforts that will significantly contribute to achieving climate targets. The role of HEREMA will be invaluable in implementing the processes and honoring the schedule stipulated in this MOU.”
On behalf of HEREMA, CEO Aristofanis Stefatos, noted: “We’re honored to be entrusted by the Greek Ministry of Environment and Energy to represent the country and coordinate efforts with the competent Egyptian authorities, in order to facilitate the Joint Working Groups and the implementation of this MoU. CCS/CCUS projects are critical in mitigating climate change and supporting hard-to-abate industries to remain competitive. Therefore, the success of our endeavor can protect the competitiveness of the Greek industry, and strategic collaborations such as this are the only way forward. We already have one CO2 storage project in implementation in Greece and SE Europe, at Prinos by EnEarth, and are looking forward to expanding our scope.”
Following the signing of the MoU, a meeting was held at the EGYPES stand 1G58 operated by HEREMA between the Company, under Mr. Stefatos, and a delegation from the Egyptian Ministry of Petroleum and Mineral Resources, led by government official Dr. Alaa El Batal. The conversation focused on the next steps of the agreement, as well as the composition of the Joint Working Groups.