Tarek El Molla
Egyptian Minister of Petroleum Tarek El-Molla and Israel's Minister of Energy Karin Elharar signed an agreement on Wednesday on natural gas delivery to the European Union (EU) from the East Med region, according to media reports.
Egypt’s Minister of Petroleum Tarek El Molla, received on Friday his Lebanese counterpart Walid Fayyad and the accompanying delegation, currently visiting Cairo.
The surveys' completion would pave the way for carrying out future oil and gas exploration activities in the area, Molla said.
Molla pointed to achieving a surplus in the oil trade balance for the first time in 2021 at an amount of $2.9 billion.
He made the remarks during the inauguration of a number of developmental projects as well as the gasoline production complex in Upper Egypt with the attendance of President Abdel Fattah El-Sisi.
Egypt’s Minister of Petroleum Tarek El Molla voiced hope that the country can soon export gas to Jordan to help supply Lebanon with electricity.
Egypt’s Minister of Petroleum Tarek El Molla voiced hope that the country can soon export gas to Jordan to help supply Lebanon with electricity.
Molla was speaking on Tuesday during his inspection tour at a number of new petroleum projects in Ain Al Sokhna.
Both sides discussed ways to exchange experiences and transfer modern technologies through the expansion of joint workshops, according to Ministry of Petroleum statement.
"The oil and gas sector development strategy has led to the signing of 98 international agreements with a minimum investment of $16 billion,” Tarek el-Molla commented.
The new facility will produce 100,000 tons of bioethanol annually, he said.
He explained that the two agreements are a continuation of Shell’s strategy by focusing its investments in Egypt in the marine concession areas and deep waters.
The government is working to turn Egypt into an international mining hub, Molla told an annual conference of the Prospectors and Developers Association of Canada (PDAC) via video conference.
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.
This came during their meeting at the Palestinian presidency headquarters in Ramallah which was attended by Palestinian energy authority chief Zafer Melhem.
Molla added in his statement to the House of Representatives, that the contribution of the mining sector to the GDP is "insignificant", and does not exceed half a percent only, which does not reflect the real capabilities of this sector.
Molla stressed the importance of the geographic and strategic location of Egyptian ports and assured Mercuria representatives about business incentives and infrastructure.
Bloomberg has announced that Egypt is on the course to become one of the world's top 10 natural gas exporters if it reaches full capacity in 2021, backed by the country's endeavors to boost its exports of liquified natural gas, through restarting one of its two production plants.
Molla said that refineries have an important role to play in meeting and securing the needs of the local market for petroleum products.
The minister said this is considered the first phase of an agreement between the two sides that aims at implementing the presidential initiative to expand the national project to use natural gas as a fuel to vehicles.
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