Minister of Petroleum and Mineral Resources Tarek El Molla met with Dietmar Siersdorfer, CEO of Siemens Middle East and Siemens LLC United Arab Emirates, in the presence of Magdy Galal, Chairman of the Natural Gas Holding Company (EGAS), and Layla El Hares, Managing Director for Siemens Egypt. 

The meeting reviewed Egypt’s preparations to host COP 27 and the investment opportunities available in the Egyptian oil and gas industry, as well as the sharp fluctuations in the current global price levels and their effects on the economies of countries in general.

During the meeting, El Molla stated that the green energy industry and markets are still emerging and new and that these markets need advanced technologies and further development. The minister pointed out the importance of Egypt as a regional energy center in the Eastern Mediterranean and the need to take advantage of its distinguished geographical location, especially during the current energy transition period.

El Molla praised Egypt’s partnership with Siemens and its subsidiaries, which resulted in the achievement of many success stories, and that there are opportunities to support and increase this cooperation in the field of oil and gas.

The minister pointed out that this partnership between Egypt and Siemens and its subsidiaries, resulted in the achievement of many success stories, and that there are opportunities to support and increase this cooperation in the field of oil and gas. He highlighted that Egypt is a large and growing market and that it seeks to develop the idea of ​​the eastern Mediterranean region as a regional center.

Meanwhile, Siersdorfer stated that Siemens Energy seeks to develop its activity in the region and expand its activities during the coming period in the wake of the coronavirus pandemic, which witnessed a slowdown in investments, operations, and activities. However, after passing this stage, Siemens decided to expand its operations and investments, especially in the various energy fields, including the hydrogen industry in particular. The company seeks to find additional investment opportunities in Egypt and to enhance its constructive cooperation with the Egyptian state.

Siersdorfer praised the efficiency and commitment of the Egyptian workforce, explaining that the hydrogen industry will play a major role in the future, but currently there is still a need for further development of this industry.