El Molla Calls for Funding to Develop East Mediterranean Gas Resources

El Molla Calls for Funding to Develop East Mediterranean Gas Resources

Minister of Petroleum and Mineral Resources, Tarek El Molla, referred to the East Mediterranean Gas Forum (EMGF) as an opportunity to promote economic growth and expand relations with Europe in the energy field. The minister also stressed that the tripartite memorandum of understanding signed in Cairo for the strategic partnership with the European Union is one of the important achievements of this forum.
El Molla’s remarks came during the ministerial meeting of the EMGF Conference for Energy Transition, inaugurated by Cypriot President Nicos Anastasiades in the Cypriot capital, Nicosia.
El Molla stressed the importance of securing funding from major international financial institutions to accelerate the development of natural gas resources and reserves in the Eastern Mediterranean and motivate investors and international companies operating in the region.
He pointed out that Egypt is the only country in the region that has an infrastructure to export natural gas from pipelines and natural gas liquefaction plants.
“If we need to secure the energy quickly … I think we need to incentivize these companies, the countries, the developers, by securing them funds,” said El Molla.
“And when I talk about funds I am not talking about commercial funds…They need to be somehow concessionary funds with easy access and relaxed terms,” he said.
Such financing packages, he said, could run alongside ‘important efforts’ to build a green corridor between the East Mediterranean and Europe focused on either hydrogen or renewable electricity. “This all should be carried together in parallel,” he added.

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