Minister of Petroleum and Mineral Resources Tarek El Molla participated in a roundtable meeting of senior officials from energy companies in the UK on the sidelines of the British Egyptian Business Association (BEBA) trade mission event in the UK.

El Molla  highlighting the importance of continuing dialogue and coordination between governments, the private sector and all concerned parties. He highlighted that it is essential to mobilize more means of support and financing for the energy industry to achieve its goals.

The minister explained that oil and gas companies are working to align their strategies and activities in line with the global trend to accelerate the pace of transformation to low-carbon energy sources. He emphasized that natural gas plays a pivotal role as it is the least carbon-intensive fossil fuel.

El Molla added that in light of the multiple uses of natural gas, it is the most important sustainable source for securing energy supplies at affordable prices within the global energy mix. He also referred to the growing role of hydrogen as it is also a major source of low-carbon energy.

The minister stated that the potential of the oil and gas industry in Egypt qualifies it to expand the scope of hydrogen production operations, which contributes to improving the economics of production operations.

El Molla highlighted the importance of joint efforts by all concerned parties to create appropriate frameworks to achieve cooperation and integration between the parties to the energy industry, including governments, the private sector, and especially international financial institutions. He pointed this out as a necessity to maintain the continued application of positive climate measures while supporting the development of energy sources.

El Molla stressed the role of the private sector, calling on the companies participating in the round table to expand the use and application of modern technologies and to continue research, development and innovation activities. This contributes to providing the technologies required to reduce costs and enhance operational efficiency.

El Molla praised the efforts of the global energy sector in supporting the energy transition and the application of emissions reduction technologies on a large scale in order to continue providing the energy sources necessary to achieve prosperity, progress and economic growth.