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Mulla discussed with US officials ways to strengthen cooperation in the oil and gas industry

Cairo ASHA

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Monday, November 19, 2018 – 11:12 from
| Last update:
Monday, November 19, 2018 – 11:12 from

Minister of Petroleum and Mineral Resources E. Tarik Al-Mullah discussed with the US Assistant Secretary of State for Energy Francis Fanon ways to strengthen cooperation between Egypt and the United States in the oil and gas industry and the efforts being made to improve and create the investment climate in the framework of the project for the development and modernization of the sector.

Al-Mullah said in a statement on Monday that during the meeting he considered positive developments in the Egyptian economy, especially in the oil and gas sector, in the light of the measures taken by the Egyptian state to achieve economic reform and comprehensive development.

He added that the measures taken during the last four years were also discussed within the framework of the oil sector strategy, and the positive result is to increase the flow of investment by international oil companies to Egypt and achieve the highest rates of natural gas production and ensure access to local gas self-sufficiency and energy supply Promote economic development.

He referred to efforts to transform Egypt into a regional gas and oil trading center and steps taken to support regional cooperation with neighboring countries in the eastern Mediterranean to invest gas discoveries in this region in the interests of all parties. “Cyprus and Egypt, as well as the agreement between the leaders of Egypt, Cyprus and Greece at the tripartite summit held recently on the island of Crete, on the establishment of the Eastern Mediterranean Gas Forum, which will hold its first meeting in Cairo in January.

He noted that the state is working to strengthen the role of the private sector as one of the factors contributing to the implementation of its strategy to transform the regional center for trade and trade in gas and oil, thereby opening up great prospects for investment in this area. He said that the state had issued a law regulating the gas market and the creation of a regulatory body entrusted with developing rules to ensure the participation of the private sector in the trade and trading of natural gas.

The ministry is looking forward to attracting major US research and manufacturing companies, such as Exxon Mobil and Chevron, to work in Egypt and introduce new investments in an important addition to the Egyptian oil industry. These companies possess advanced technologies and accumulated experience, which contributes to mutual benefits. Especially with the high invasive potential of Egypt, especially in the deep-sea zone of the Mediterranean.

“The American company Exxon Mobil has successfully cooperated with the oil sector through its work for 115 years in Egypt in the field of marketing and distribution of petroleum products as a key partner in this activity, adding that American companies B” as a key partner in this sector in the implementation new projects for processing and petrochemistry by providing him with modern technology to create such projects.

For his part, the US Assistant Secretary of State for Energy, his country's acuteness in order to strengthen cooperation with Egypt and expand joint oil and gas projects and support regional cooperation in the Eastern Mediterranean region, use natural gas resources for the benefit of all participating countries and open new horizons ; Future discoveries and development of gas reserves in this region.

He appreciated the positive results achieved by Egypt in the oil and gas industry in recent years, and its ability to carry out a giant field project of natural gas in record time.

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