Egypt’s President Abdel Fattah El Sisi witnessed Sunday a discussion panel on importance of co-operation in the energy and climate change sectors as part of activities held on the sidelines of the 6th edition of Egypt Petroleum Show EGYPS “2023” that opened Sunday at Egypt International Exhibitions Center (EIEC) in Cairo.
The session was moderated by John Defterios Former Emerging Markets Editor, Anchor at the CNN and Professor of Business at NYU Abu Dhabi.
Defterios said 2022 was full of challenges, highlighting problems triggered by oil prices, adding that the United Nations Climate Change Conference (UNCCC) COP27, held in the Red Sea resort of Sharm el Sheikh, in Nov 2022 shed light on the necessity of achieving sustainability and supporting Africa in obtaining energy.
Meantime, he voiced appreciation of efforts of the Egyptian Ministry of Petroleum and Mineral Resources over the past year.
Minister of Petroleum and Mineral Resources Tarek el Molla and Secretary General of the International Energy Forum (IEF) Joseph McMonigle took part in the discussions.
During the discussion panel that was held on the sidelines of the 6th edition of Egypt Petroleum Show EGYPS “2023”, Minister of Petroleum and Mineral Resources Tarek el Molla referred to the daunting global challenges that existed over the past period, especially in the wake of the untoward impact of the coronavirus pandemic and the Russian-Ukrainian crisis that affected securing energy supplies.
The minister underscored the importance of pressing ahead with cooperation among the various countries to bridge the gap resulting from reduced energy supply rates, as the past period witnessed a decline in the volume of investments channeled into energy transformation and reduction of gas emissions.
Meantime, Molla pointed out the necessity of generating investments in the technology field – through having both governments and mega companies operating in the oil sphere – join hands, with a view to promoting efforts toward energy transformation and sustainability.
For his part, IEF Secretary General Joseph McMonigle said OPEC (Organization of the Petroleum Exporting Countries) is not to blame for the oil supply and demand gap, adding that the same problem exists in the US.
“We will face a fluctuation in oil prices, however we will stay committed toward climate change issues and we will take into consideration the energy transformation plan,” according to the IEF official.
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