Minister of Petroleum and Mineral Resources, Tarek El Molla, affirmed Thursday during CERAWeek virtual conference that Egypt plans to achieve diversity in clean energy resources by 2025 and to produce 40% of its electricity from solar and wind energy by 2030.
In the light of efforts exerted by the Egyptian state to be a regional energy hub, El Molla referred to Egypt’s partnerships with East Mediterranean and European countries and the United States(US) .
He also said that Egypt continues to take steps towards creating supportive climate for becoming an energy hub, including reoperation of Damietta liquefied natural gas (LNG) plant, development of the infrastructure for oil and gas operations, expansion of the petroleum ports and transportation networks, issuance of new laws and legislation, and establishment of the Gas Regulatory Authority.
Meanwhile, the minister referred to the Egyptian initiative to establish the East Mediterranean Gas Forum (EMGF) as an umbrella for effective cooperation among the region’s countries to achieve the most economic benefits from the natural gas resources.
The annual CERAWeek Conference is deemed as the most important energy conference in the world and it is held virtually this year due to the COVID 19 pandemic.