Egypt’s Petroleum and Mineral Resources Minister Tareq el Molla said Monday that President Abdel Fattah El Sisi’s inauguration of the Egypt Petroleum Show (EGYPS 2023) demonstrated Egypt’s success in creating a sustainable investment climate that attracts major investors.
In his word at the opening of EGYPS conference and exhibition, Molla said that President Sisi, during the opening ceremony, stressed the key role of governments, political decision-makers and leaders of the energy industry to cooperate to overcome all challenges and seize the opportunity to achieve progress and prosperity.
Over the past years, the conference proved that it is a major platform in the region that is meant to review progress made so far to secure the future of energy demand, he said.
He further noted that despite the unprecedented geopolitical challenges, the world’s largest and emerging economies have been negatively affected in all domains, particularly the energy industry, which has changed dramatically, a matter that imposed on everyone to adapt and develop.
EGYPS has an important role in creating an opportunity to address urgent issues and participate in promising opportunities in the ever-evolving energy industry, he added.
The conference is an opportunity for discussing topics related to energy, oil and gas in the Mediterranean region and Africa, he underlined.
It becomes an annual global platform and engine for regulation, investment and insurance for energy supplies, energy transition and innovation, Molla said.
This year’s edition of the conference focuses on pressing issues for the entire energy landscape, Molla said, adding that it holds in-depth discussion on redrawing the global energy map via adopting new technologies and infrastructure required to increase production.
It also discusses supply demand levels to support global economies and ensure energy security, the minister said.
For his part, EU Commissioner for Energy Kadri Simson said that his visit to Egypt is a good opportunity to advance work on the trilateral MoU signed between Egypt, Israel and EU last year. The agreement stressed the importance of regional cooperation between natural gas producing and
consuming countries to support security of the energy supply. The framework agreement was signed during the ministerial meeting of the East Mediterranean Gas Forum (EMGF) in Cairo.
The future for successful partnerships, particularly the partnership of the European Union and Egypt, is a distinguished example of that, she said.
The European Commission has great cooperation with Egypt in the medium and long terms in many fields, she further noted.
Natural gas will remain the fuel bridge that facilitates the energy transition during the coming two decades until the full energy transition is achieved, Simson said.
The Commission’s plan aims at reducing gas emissions and enhancing partnerships in the areas of new and renewable energy between member states of the European Union and non-EU countries, she stressed.
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