The Egyptian Petroleum Minister Tarek Mulla underlined full support for the Malaysian company Petronas and petroleum companies investing in Egypt.
The current rise of international prices represents a challenge for the petroleum industry.
He made the remarks on Wednesday during a meeting with Petronas CEO Tengku Muhammad Taufik on the fringe of the 27th United Nations Climate Change Conference (COP27).
The meeting is meant to boost the company’s investment in Egypt within the coming period.
In a statement on Wednesday, Mulla stressed that the world is focusing on the painstaking efforts of the petroleum sector to cut emissions, especially in light of the Russian-Ukrainian crisis.
Fossil fuel is still required in the transitional period, he said, referring to the ongoing efforts to boost natural gas production in Egypt and the East Mediterranean region.
Meanwhile, the Petronas CEO congratulated Egypt for hosting COP27, referring to allocating a day for decarbonisation.
He said Egypt is one of few countries that has competitive capabilities, referring to Egypt’s rich resources of natural gas, unique location and infrastructure.
He added that Egypt can turn into a pivotal regional country in trading and transferring liquefied natural gas from East Mediterranean to global markets.
Discussion about this post