The Egyptian Minister of Petroleum, Tarek El-Molla, discussed with the Spanish Ambassador to Cairo, Albaro Eranzo, the changes taking place in the energy industry and the role of Egypt and the eastern Mediterranean region in securing part of Europe’s needs.
According to a statement from the Ministry of Petroleum today, Monday, the two sides discussed a review of investment opportunities available in Egypt in the fields of oil, gas and petrochemicals.
During the meeting, El-Molla affirmed that Egypt is currently implementing an intensive drilling program with the aim of accelerating the achievement of new discoveries and increasing production, thus continuing to meet the needs of the local market and providing larger quantities of gas for export during the energy transition period.
He pointed out that the Egyptian model in exporting liquefied gas is represented in the expansion of spot contracts, which achieves for Egypt the maximum possible benefit from the rise in global gas prices.
The minister said that the major international companies’ intensification of their operations in the eastern Mediterranean region is the best evidence of the increasing importance that the region is gaining as a reliable source of natural gas resources, pointing to the distinguished relations that Egypt enjoys with Cyprus and Greece.
He mentioned that there is a strong tendency to link the production of the discovered Cypriot fields with the Egyptian production facilities that already exist and then export them, explaining that Egypt is also continuing efforts in energy transition and increasing the percentage of electricity generation from renewable energies, in addition to working on hydrogen production.
The Spanish ambassador stressed the importance of Egyptian liquefied gas exports in meeting part of Europe’s needs, pointing out that the eastern Mediterranean region has become a strategic region with great gas potential, which qualifies it to provide larger quantities of gas to Europe in light of the development of cooperation and integration relations between the countries of the region, which succeeded the Gas Forum. He said that the European Union is currently implementing many infrastructure projects within the framework of preparations for the future of energy, in parallel with deepening relations in the fields of energy with friendly countries, especially in the Mediterranean region.
He added that his country attaches great importance to the projects of the Spanish company Tecnicas Reunidas in the field of reducing emissions in Egypt, expressing the desire of Spanish companies to study investment opportunities available in the Egyptian market and exchange experiences between the two sides, especially in the fields of gas, petrochemicals, fertilizers, ammonia, mining, hydrogen and manufacturing equipment.
This article was originally published by RT.
