Rédaction Africa Links 24 with MENA
Published on 2024-04-03 09:44:57
The Minister of Petroleum and Mineral Resources, Tarek al-Molla, recently shared the State’s ambitious plans to attract major foreign investments in the oil and gas industry. He also highlighted the goal of increasing the supply of electricity generated from new and renewable sources to 42 per cent by 2035.
During a meeting with Prime Minister Mostafa Madbouly, Molla discussed the progress made in various working files within the ministry. One of the key focuses was ensuring the availability of petroleum products, especially as the Eid al Fitr holiday approaches, starting on April 10.
Molla emphasized that some of the world’s largest corporations are currently involved in research and exploration activities in the Mediterranean Sea. This is part of an ambitious gas exploration program aimed at bolstering the country’s strategic petroleum reserve to meet local market demands and secure a surplus for potential export opportunities. Additionally, efforts are underway to enhance the efficiency of oil and natural gas wells to maintain high production rates.
In terms of international cooperation, Molla highlighted a recent memorandum of understanding (MoU) signed with Ecuador’s Ministry of Petroleum. This agreement aims to promote collaboration across various domains and explore ways to leverage Egypt’s expertise. One of the key objectives is to connect homes in Ecuador to gas supply networks, transition vehicles to run on natural gas, and establish compressed natural gas fueling stations.
The State’s strategic initiatives underscore Egypt’s commitment to attracting foreign investments, advancing renewable energy sources, and strengthening its position in the global oil and gas industry. By pursuing these goals, the government aims to drive economic growth, create job opportunities, and ensure a sustainable energy future for the nation.
In conclusion, Minister Tarek al-Molla’s statements reflect the State’s proactive approach to fostering innovation, driving competitiveness, and meeting the growing energy demands of Egypt’s population. With a focus on collaboration, sustainability, and efficiency, Egypt is poised to make significant strides in the oil and gas sector while accelerating the transition to renewable energy sources.
Read Original article on Egypt Independent
