With gas production in full swing across a number of sites in Egypt, the country is ready to become a key exporter of energy in the region and beyond, the chairman and founder of investment firm Qalaa Holdings told CNBC.
"In the oil and gas sectors Egypt remains a very important player," Ahmed Heikal, told CNBC's "Capital Connection" on Monday.
Heikal said there was impetus for Egyptian gas to flow to European markets via terminals in Idku and Damietta.
"Gas discoveries and infrastructure, as far as the LNG (liquefied natural gas) terminals in Idku and Damietta, those two have meant that Egypt is ready to perform a very important role as a hub for energy, especially gas exports," he said.
Egypt is looking to raise $10 billion in foreign investments for the oil and gas sector for 2018-2019, according to Reuters, a 25 percent increase on the year before. It also wants to raise its gas production from new fields, including the giant Zohr gas field that was discovered in 2015 by Italian energy group Eni.
The discovery has been a boon to the Egyptian economy as it means the country will be able to meet domestic demand and shouldn't have to buy in foreign supplies. In fact, Egypt hopes to stop importing foreign oil and gas entirely by 2019, according to Reuters.