The Minister of Petroleum and Mineral Resources, Tarek El Molla, has underlined the significant role of the Petroleum Exporting Countries Organization (OPEC) in boosting international cooperation and taking into consideration the interests of all oil industry stakeholders.

El Molla said that during a festivity held by OPEC at Maadi Club in appreciation for Egypt’s role in hosting the meeting that emerged OPEC organization establishment. This came in the framework  of the preparations for the launching of the Egypt Petroleum Show Exhibition and Conference (EGYPS) 2023. 

El Molla added that the last two years witnessed great global challenges that have left behind severe disruptions that have greatly affected the energy sector. He explained that these challenges showed the importance of strengthening international cooperation and integration more than ever. 

El Molla pointed out that OPEC has shown the importance of its role during those difficult periods as an organization aimed at enhancing international cooperation for market stability and as a platform for dialogue.

For his part, the Secretary General  of OPEC, Haitham Al Ghais, expressed his pleasure for being in Cairo appreciating the key role of Egypt and its achievements in securing global energy. He added that Maadi Club witnessed a meeting  of several leaders from petroleum-producing countries in 1959 to discuss how to save energy resources noting that they signed the Maadi Agreement which aimed at establishing an organization to foster cooperation between main petroleum producers and these countries established OPEC organization in September 1960.