Oil sector adopts integrated strategy to achieve Egypt 2030 vision

CAIRO – 22 April 2019: “Over the last two years, the petroleum sector has adopted an integrated strategy that supports the achievement of the objectives of the vision of Egypt 2030, most importantly achieving sustainable development,” Petroleum Minister Tarek el-Molla said Monday.

He clarified during the opening of the second Egyptian Petroleum Sector Energy Efficiency Conference (EPEEC) 2019 that the strategy aims to increase the role of the sector in the overall development process, maximize the benefits of Egypt’s natural resources and assets and increase the proceeds.

Molla noted that a program for improving the efficiency of energy use was set within the developing project of the sector, which was able in two years to achieve numerous positive results, including saving in energy consumption by LE 350 million annually through rationalizing consumption in 13 oil companies.

The minister announced starting the implementation of energy conservation projects funded by the European Bank for Reconstruction and Development in the two companies manufacturing oil and gas and to the near completion of the study to improve the efficiency of energy use and modernize production units at Alexandria Petroleum.

He further pointed out that the conference aims to exchange experiences and opinions to reach joint projects in the field of improving energy efficiency and producing promising results that will help achieve greater stability and sustainable economic growth.

Molla also referred to the importance of concerted efforts to agree on a unified program between the sector companies and foreign partners targeting sustainability of energy efficiency in the Egyptian petroleum sector.

The two-day conference will witness four sessions during its second day that will address in greater depth the latest technologies used in the field of energy efficiency, ways to develop a framework and policies for this vital area and reviewing models in the field of training in energy efficiency.