Minister of Petroleum and Mineral Resources Tarek El Molla participated in a ministerial session within the activities of the International Petroleum Technology Conference (IPTC), which is being hosted by the Kingdom of Saudi Arabia from February 21-23, 2022, the ministry said in a statement.
The ministerial session was held under the title “Fuelling Global Recovery through Sustainable Energy” witnessed the participation of Prince Abdulaziz bin Salman, Minister of Energy of Saudi Arabia; Suhail Al-Mazrouei, UAE Minister of Energy and Infrastructure; Mohammed bin Khalifa bin Ahmed Al Khalifa, Bahraini Minister of Oil; Mohammad Abdul Latif Al-Fares, Deputy Prime Minister of Kuwait & Kuwaiti Minister of Oil, Electricity, Water and Renewable Energy: and Ihsan Abdul Jabbar Ismail, Iraqi Minister of Oil.
During the session, El Molla stated that the alliance between OPEC and OPEC+ is useful and successful, and that Egypt participates as an observer in these joint meetings, in which useful decisions and agreements are taken within the framework of this joint cooperation, as these policies succeeded in achieving stability in demand during the last period.
El Molla also expressed his appreciation to the Saudi Minister of Energy for the invitation to attend IPTC, which highlights the great changes that have occurred during the past few months and the importance of the Saudi green energy initiative.
Egypt is working on adopting the appropriate energy mix that allows crossing the transitional phase until the complete energy transition, El Molla said. He added that a strategy for energy until 2035 has already been drawn up for several years, which aims to reach the proportion of new and renewable energy in the energy mix to 42% by the year 2035.
The minister pointed to the importance of hydrocarbons during the current period, stressing that Egypt has adopted natural gas as an important transitional fuel. He added that the government is working to expand its uses in Egypt in all industrial activities and in converting cars to work with compressed natural gas (CNG). This comes in addition to efforts to expand the delivery of natural gas to homes as an alternative to butane cylinders in order to exploit the advantage of abundant resources natural gas.
Regarding Egypt’s hosting of the upcoming COP27 in November 2022, El Molla indicated that Egypt is a country that abides by all international agreements to preserve the environment, especially The Paris Agreement. He stated that preparations for this summit are not only made in Egypt, but with partners and allies with the aim of providing fruitful discussions and contributing to transforming the planet into a clean, low-emissions planet, while maximizing the exploitation of available resources.