Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla has stated that Egypt contributed to securing part of Europe’s energy needs during the global crisis, as an investment in its role as a regional center for energy trade and circulation.
El Molla said that the current challenges in global energy markets have proven the importance of Egypt’s proactive efforts since 2018 to launch the Eastern Mediterranean Gas Forum and the resulting effective regional integration in accelerating the pace of development and exploitation of gas resources in the region.
During a roundtable meeting attended by the minister with members of the US-Egypt Business Council and the American Chamber of Commerce in Washington, El Molla discussed with Deputy Secretary, US Department of Energy David Turk ways to accelerate the pace of cooperation, within many initiatives that are important for providing expertise and technical support in field of emissions reduction.
He highlighted the importance of current partnerships with the American side and American companies to accelerate the achievement of sustainable development, reduce emissions in the oil and gas industry, and contribute to the localisation of its technology in Egypt in line with the positive transformations presented by COP27 in Egypt. This connection was through the discussions of the Carbon Removal Day, which put the oil and gas industry as a participant in climate change solutions. The meeting discussed developments in the work of the Eastern Mediterranean Gas Forum, in which the United States participates as an observer member.
The minister added that cooperation and investment partnerships play a prominent role in the success of Egypt’s efforts in the Eastern Mediterranean region, providing more energy supplies, as well as accelerating the pace of investment in the green transition.
Further, El Molla held two meetings with US Congressmen Thomas Kane and Bill Keating, where they discussed ways to advance cooperation between Egypt and the US in the field of energy, especially energy transition and carbon removal, and Egypt’s current regional role as a center for energy trade and circulation.
It is important to accelerate the provision of technology and applications needed to reduce carbon to support Egypt and African countries in their serious endeavors in this field, he disclosed.
The minister presented the strategy that Egypt is implementing to achieve sustainability, reduce carbon in the energy sector, and invest in green energies such as hydrogen in light of ingredients that Egypt possesses.