During the World Youth Forum, the Minister of Petroleum and Mineral Resources, Tarek El Molla, gave quick updates on the East Mediterranean Gas Forum (EMGF), which convened last July, El Watan News reported.
“We have formed a team of experts and international oil companies (IOC) working at the Mediterranean Basin, as well as global financing entities like the European Union (EU) or the World Bank. We hope that it would bring peace and economical flourish upon us” said El Molla on establishing the EMGF.
He noted that by the beginning of 2020, the main points would be completed in order to establish the EMGF as an international organization, which aims to maintain and coordinate policies in order to benefit from the region’s resources, especially natural gas.
“Egypt’s infrastructure has the capacity to receive and maintain natural gas. Other nations have natural gas but cannot benefit from it, not only for their lack of infrastructure, but also for their lack of adequate consumption resources and their low population rates. However, we can benefit from those policies to coordinate among other nations so that we would create a unified system instead of competition,” El Molla said.
El Molla expressed his hope that this forum would be a trusted and an alternative gas-importing source to the EU, considering the EU’s abundant gas imports.