Petroleum Minister Tareq al-Molla says that Egypt is ready to meet some of the demand for natural gas in Europe.
Efforts exerted over the past years have made of Egypt one of the solutions to the ongoing energy problem, the minister said during the inauguration of the eighth “Egypt Oil and Gas Convention” earlier Sunday.
Talking figures, the minister said that last year Egypt exported some seven million tons of liquefied natural gas – 80 percent of which went to European Union (EU) markets. This year, exports totaled around eight million tons, with 90 percent going to Europe, he added.
Molla said that successes of the petroleum sector in Egypt are credited to an integrated program implemented in partnership between the public and private sector and fully supported by President Abdel Fattah al-Sisi and the government.
The petroleum sector is also seeking mechanisms of action that would maximize cooperation with international partners to be able to make optimal use of natural resources, potentials and cadres, the minister told the gathering.
Molla said he is optimistic about future success stories in light of continued and fruitful cooperation between local and international petroleum companies.
All parties should unite to achieve goals of the Petroleum Ministry’s strategy, atop of which increasing and sustaining oil production, as well as reducing emissions, he urged.