The global crisis casts a shadow over the entire world, which will result in the raising of food prices and that will subsequently affect supply chains, Osama Kamal, the former Minister of Petroleum, said.
Kamal added, during a telephone interview with the journalist and host Ahmed Moussa, during the “On My Responsibility” program broadcast on the “Sada al-Balad” channel, that we must raise the hat for the the Egyptian government for its establishment of the East Mediterranean Gas Forum, which brought together Egypt’s main gas producers.
He continued by saying that the inauguration of this forum in Egypt represents great achievements for the Egyptian state.
Egypt and other gas-producing countries will benefit from directing gas to bridge the gap in Europe.
It is the peoples who pay the price of global food crises, he added, pointing out that it is necessary to work to reduce tensions in the Middle East, referring to countries that work on electrical interconnection projects with Egypt.
Egypt will benefit from using its infrastructure and its more than 130 years of experience to export its own gas, or the gas of neighboring countries such as Cyprus and Israel, he added.
He said that Egypt’s production of gas is currently close to 7 billion cubic feet, pointing out that only Egypt and Algeria have gas liquefaction stations as Mediterranean countries have no infrastructure to build gas liquefaction plants.
Egyptian Minister of Petroleum and Mineral Resources Tarek al-Mulla said in May that Egyptian gas exports to Europe range from 10 to 15 percent.
In an interview with CNBC Arabia, on the sidelines of the third conference on energy efficiency in the petroleum sector, Mulla added that the gas is sufficient for the consumption of the local market, noting that Egypt aims to boost gas exports to European markets.
The East Mediterranean Gas Forum (EMGF) was established by the end of 2020 by Egypt, Israel, Greece, Cyprus, Italy and Jordan to be an international organization that respects the rights of members regarding their natural resources in accordance with the principles of international law and supports their efforts to benefit from their oil reserves and infrastructure in order to secure their energy needs for the well-being of their peoples, according to a statement by the Egyptian Petroleum Ministry.