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Volume
44
Issue
3
11
Egypt’s Minister of Petroleum and Mineral Resources HE Eng. Tarek El Molla
said that his country witnessed rapid successive changes in the past few years
that imposed enormous challenges which were the main drive for the economic
reforms adopted by the government in various sectors. He stated that work is in
progress to develop andmodernize the petroleum and gas sector in Egypt according
to international standards under the umbrella of the Sustainable Development
Strategic Vision 2030.
During his participation in the International Petroleum Week Conference in
London recently, HE Al Molla tackled the efforts to transform Egypt into a regional
hub for the trading of gas, petroleum, and energy. In his speech, he reviewed
his country’s economic, logistic, technical, and commercial potentials. He also
showcased themost important projects and cooperationplans in thepetrochemicals
industry between Egypt and other Arab and non- Arab countries.
HE El Molla concluded his speech by stressing that energy is an opportunity
to achieve reciprocal benefits in terms of regional cooperation and forming new
political partnerships and market integration. He added that transforming Egypt
into a regional hub for gas and petroleum trading would benefit all relevant parties.
Also, diversifying energy supplies would be available for Europe to ensure energy
security since its imports are expected to grow beyond 2020 due to the growing
gap between demand and supply and the expiry of long-term contracts.
HE EL MOLLA:
MODERNIZATION
OF PETROLEUM
& GAS SECTOR
IN EGYPT