Tarek El Molla, Minister of Petroleum and Mineral Resources, participated in the World Economic Forum’s (WEF) fifth meeting of the Regional Energy Work Group in the Middle East and North Africa (MENA) region to discuss the industry’s best practices and way forward, according to a press release.
The minister reviewed the significant results of the East Mediterranean Gas Forum (EMGF) and stated that it has become an emblem in regional economic cooperation. He added that the unprecedented momentum of EMGF has gained the attention of several countries and economic entities around the world in addition to receiving many requests to join the forum.
El Molla examined the status of the global energy markets, with a focus on Egypt, in light of the geo-economic conditions and the challenges posed by the pandemic. Additionally, the minister shared the Egyptian petroleum sector’s exceptional work in the past six years in various oil, gas, and petrochemical fields. He noted that Egypt has managed to contain the repercussions of the pandemic by adopting several packages for economic reform and development.
The meeting also delved into reviewing the global economic dynamics and their impact on the Middle East, in addition to discussing the global investment situation in light of the current economic conditions.
The meeting was attended by Wilbur Ross, the United States (US) Secretary of Commerce, Khaldoun Al-Mubarak, CEO of the United Arab Emirates’ (UAE) Mubadala Investment Company, Majid Jafar, CEO of the UAE’s Crescent Petroleum, and Børge Brende, President of WEF. More than 60 oil and energy ministers participated in the meeting as well, in addition to several heads of major international oil companies (IOCs) and experts in the energy field.