CAIRO - 4 March 2021: Petroleum Minister Tarek el Molla said Egypt is taking steady steps on the road of being regional hub for energy and trade, adding that the country managed to secure regional and international partnerships for this purpose.
During his participation in the annual CERAWeek conference which is being held via video conference from March 1-5, the minister said Egypt took the initiative with East Mediterranean countries to establish the Eastern Mediterranean Gas Forum as an umbrella for effective cooperation among the countries of the region in order to achieve the maximum economic benefit from natural gas resources and export it to Europe.
According to a statement by the Ministry of Petroleum on Thursday, Molla said Egypt continues to create an environment that supports the transformation into a regional energy hub, citing the re-operation of Damietta plant for liquefying and exporting natural gas after an 8-year hiatus, developing the infrastructure of oil and gas activities, conducting expansions in ports and oil and gas transmission pipelines, enacting new laws and legislation, and establishing the first apparatus to regulate natural gas market.
He also expounded the country's efforts to expand the use of clean energy as part of efforts to diversify clean energy sources by 2025.
He made clear that the country seeks to relay on solar and wind energy in producing 40% of electricity by 2030, saying there are current talks with Germany and Belgium to use clean hydrogen fuel.