Minister of Petroleum, Tarek El Molla, chaired the meeting of the governmental committee formed upon a decree by Prime Minister, Mostafa Madbouly, to follow up on the project to turn Egypt into a regional energy hub, Egypt Oil & Gas reports.
The committee includes members from different ministries and related authorities in Egypt.
During the meeting, El Molla reviewed strategies related to natural gas and procedures required on the short, mid, and long terms in light of the opportunities Egypt has to transfer East-Mediterranean gases to Egypt to be re-exported to Europe via Damietta and Idku liquefaction plants. The meeting further discussed procedures to allow natural gas trade into the Egyptian local market in light of the gas market regulating law.
The meeting reviewed a suggested strategy to fuel ships with natural gas, following studies that confirmed natural gas as an alternative fuel. This comes in light of the announcement of International Maritime Organization of the necessity to decrease the amount of sulfur in the current fuels, Mazut and diesel.
El Molla reviewed crude oil and petroleum products’ strategy and how to benefit from Egyptian ports to trade petroleum products, as well as the required procedures to develop and boost the capacity of the main infrastructure, including pipelines and storage warehouses, in addition to the projects executed to expand refineries.
At the end of the meeting, attendees agreed on conducting an extensive study on the suggested strategy and making suggestions to get the project authorized by the higher committee.