Prime Minister Mostafa Madbouly met with the Minister of Petroleum and Mineral Resources Tarek El Molla to review the latest updates regarding the implementation of several petroleum projects as well as the key outcomes of the 23rd World Petroleum Congress (WPC).
Realizing the economic contribution of the industry, Madbouly emphasized the importance of petroleum projects and their role in advancing the national economy. Over the past years, the sector has contributed heavily to the gross domestic product (GDP), and succeeded in attracting new investments in the oil and gas fields, Madbouly added.
During the meeting, the minister explained the implementation status of the Asphalt Production Unit of Suez Oil Processing Company (SOPC), which aims to reach a production capacity of 1200 tons per day (t/d) to meet the needs of the local market. The plant’s trial operation started on 26th of November
Moving forward, El Molla updated the prime minister on the project to expand the use of compressed natural gas (CNG) as a fuel. The project targets the operation of 1000 CNG filling stations, El Molla said, adding that the number of stations currently operating reaches 510.
The meeting also tackled the key outcomes of the minister’s participation in 23rd WPC, one of the largest global events that brings together the world’s energy leaders. The minister had the opportunity to shed light on Egypt’s vision to contribute to energy transition and emissions reduction to combat climate change, stressing that Egypt has taken on a great responsibility in this regard, as part of its hosting of the climate change conference COP27 next year.
Additionally, he showcased the outcomes of his meetings with the oil and gas leaders. El Molla’s meetings included talks with Chevron International Chairman and CEO Mike Wirth, Cypriot Minister of Energy Natasa Pilides, President of Chevron International Company for Exploration and Production Clay Neve, ExxonMobil Vice President for Research and Exploration John Ardill, and Apache President John Christmann.