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Oil & Gas

Egypt to become East Mediterranean energy trading center – El Molla

Posted: October 30, 2018 at 4:37 pm   /   by   /   comments (0)

Egypt is working to become a regional center for trading energy in the Eastern Mediterranean region during the upcoming period through the exploitation of its strong infrastructure, Minister of Petroleum Tarek El-Molla said.

El Molla announced Egypt’s readiness to cooperate with other countries in the region to receive gas, and then liquefy it and to re-export to Europe.

This came during Molla’s participation at the third Euro-Arab Summit under the theme “Horizons of Partnership” representing President Abdel Fatah al-Sisi, in the Greek capital Athens, which started today and lasts for two days.

The minister pointed out that despite the natural and human resources of the Arab region, the optimal use of these resources has not yet been achieved, which clearly demonstrates great disparity in the trade balance between Arab countries and the European Union.

He said that this situation emphasizes the importance of addressing this imbalance by facilitating access to financing for the establishment of economic projects on concessional terms, helping them to enter products to the market to the European Union and to promote cooperation in economic and industrial projects, as well as exchanging experiences and information in various sectors.

He noted that the EU is Egypt’s first trading partner and investor, that there are great opportunities for joint cooperation, and that despite the low trade deficit it is important to address that deficit to reach more balanced and sustainable trade rates. He also urged the European side to increase its investments, thereby achieving the fundamental objective of the partnership agreement.

El Molla pointed out that Egypt and Greece are participating in a radical economic reform experiment in order to achieve greater stability and attract investments.

He also noted that Egypt is successfully passing the economic reform program for restructuring and financial and economic reform in cooperation with the international and European financial institutions.

“The Egyptian government is currently adopting a number of mega strategic projects for international investments, which is a great opportunity to attract foreign investments,” Molla said.

He clarified that the projects are headed by the development of the Suez Canal Economic Zone, the Golden Triangle, the new industrial cities, the new administrative capital, the new city of Alamein, as well as new and renewable energy.

The minister further stressed the strength of bilateral relations between Egypt and Greece, which is clearly reflected in their cooperation, as well as the tripartite cooperation with Cyprus in the field of energy in general and natural gas in particular.

(Source: Egypt Today)

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