Egypt’s President Abdel Fattah El Sisi said the great effort Egypt exerts along with oil search and excavation firms would be a key decisive factor for the convocation of the East Mediterranean Gas Forum to help lessen impact of a crisis triggered by a high European demand for oil within the upcoming stage.
In his word before a discussion panel held Sunday on the sidelines of the 6th Edition of Egypt Petroleum Show EGYPS 2023, the president said the more gas discoveries made in Egypt, Lebanon, Israel or any other country, the greater contribution this would all help in reducing demand and pressure on oil supplies resulting from the Russian-Ukrainian conflict.
The president said giant companies operating in the gas field were highly afflicted by the rising demand on oil and energy supplies within the past years that all impacted the flow of investments in the oil and gas domains.
The president noted that world oil products’ supplies were not enough during the coronavirus and the Russian-Ukrainian crisis, forcing a hike in prices, thus necessitating a swift handling of demands for oil and production rates in the upcoming stage.
The president welcomed all participants at the event wishing them great success.
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