Minister of Petroleum witnesses Closure of EGYPS 2017 Strategic Conference
EGYPS 2017 Strategic Conference, organized by ministry of petroleum and mineral resources in cooperation with “DMG events” and held under the patronage of his Excellency president Abdel Fattah El-Sisi; president of Arabic Republic of Egypt, concluded with rousing response. The conference discussed and review challenges, investment opportunities, future of mining and Energy in Egypt and North Africa.
EGYPS 2017 Strategic Conference was launched and attended by high level Egyptian, Arab, and international governmental representation includes Prime Minister (PM) Sherif Ismail, Minister of petroleum Tarek El Molla , Minister of State United Arab Emirates and Group CEO, ADNOC DR Sultan Ahmed Eljaber, Ministry of Defense lieutenant-general Saidky Sobhy, Minister of military production General Muhamed Al-Assar, Minister of International Cooperation Dr Sahar Nasr, Minister of Electricity Dr Mohamed Shaker , Minister of Business Sector Dr Ashraf El-sharkawy, Permanent Secretary of Cyprus Ministry of Energy, Commerce, Industry and Tourism Dr Stelios Himonas, and Minister of Energy and Mineral Resources, The Hashemite Kingdom of Jordan Dr Ibrahim Saif.
In a statement on Egypt’s hosting “EGYPS 2017, PM Sherif Ismail underscored the importance of this vital international forum to examine topics related to oil industry, paving the way to exchange views and experiences, and offering innovative solutions for this industry saying that “This conference has a great importance in view of the fact that timing is critical whereas the world witnesses several changes have a great affect on global economic growth and people’s aspirations to a better future. And there is no doubt that energy represents one of the most fundamental ways to achieve these aspirations considering energy as the main drive of economic development plans “.
In a comment on the event, Minister of petroleum and mineral resources, Engineer Tarek El Molla expressed his pleasure at this distinguished forum held under the patronage of president Abdel Fattah El-Sisi; president of Arabic Republic of Egypt, which reflects that state has drawn attention to energy sector and to its important role within the national economy. The minister pointed out the importance of the conference whereas it discussed topics of major importance not only on the national level but also on the regional and global level; On top of which, insights and urgent solutions for energy issues in addition to reforming legislations to stimulate investments in this sector and ways of securing adequate funding.
He went on saying “In our ambitious future vision for the petroleum sector and working on strengthen its capacity to keep up with modernity and domestic, regional and global dynamics, we started the implementation of an ambitious programme to develop and modernize the petroleum sector and upgrading its efficiency in collaboration with specialized global expert institutions so that a comprehensive makeover to the sector’s different activities can tack place in order to increase its contribution to the comprehensive development through working more efficiently, attracting more investments, placing a vision for the petroleum projects and mechanisms of achieving an economic benefit, advancing visions and timed programs, defining tasks and responsibilities and how to achieve it in light of ministry of petroleum’s strategy until the year of 2021 and in line with Egypt 2023 vision”.
From his end, Minister of State United Arab Emirates and Group CEO, ADNOC DR Sultan Ahmed Eljaber said that “Egypt has succeeded in regaining the confidence of international institutions and foreign investors throughout the past period of time due to several economic procedures implemented by the government in which results have emerged on a number of indicators; most significantly the rise of the Egyptian stock market with a percentage of 76% over the last year. He affirmed that Emirates, in particular ADNOC, pays a great attention to exploration operations, the development of the petroleum industry and the human resources in the Egyptian energy sector, along with exploring more investments opportunities.”
EGYPS 2017 Strategic conference session on day one featured global ministerial dialogues to shed the light on Country specific E&P opportunities in investment in the current market – the role of Government in driving direct foreign investment into both conventional and unconventional E&P activities, and fostering a nation’s oil wealth to drive growth.
In addition, a global business leaders panel took place on the diversification of the global hydrocarbon industry, Oil market stability, dollar per barrel price cycles, supply and demand forecasts, and creating effective strategies and initiatives for transforming oil companies into sustainable energy companies. The session panelists include: Bob Dudley, Group Chief Executive, BP, Claudio Descalzi, CEO, Eni, Sara Akbar CEO, Kuwait Energy Company, Martin Craighead, CEO, Baker Hughes, Tarek El Hadidi, CEO, Egyptian General Petroleum Corporation (EGPC), and Marc Benayoun, CEO, Edison Spa.
On the sidelines of the session, Sara Akbar CEO, Kuwait Energy Company, said that Egypt enjoys abundant hydrocarbon wealth to draw the attention of many international oil companies and pour new investments into the Egyptian market.
On the second day of the conference featured five important sessions, on top of which a panel discussion: Egypt’s 2021 modernisation programme – encouraging oil and gas development headed by Minister of petroleum and mineral resources, Engineer Tarek El Molla. The panel discussion shed the light on how the programme is progressing and the opportunities it presents for investors and international companies looking to do long term business in Egypt.
In addition, Spencer Dale, Group Chief Economist at BP and Wim Thomas, Chief Energy Advisor at Royal Dutch Shell held an informative session on global oil and gas sector and future energy scenarios. This will provide Egypt with international exposure and elevated oil and gas industry profile both regionally and globally.
Speaking as part of the panel discussion, Spencer Dale, Group Chief Economist at BP said: “It is very clear that Egypt is a strategic marketplace for British Petroleum. We will be investing billions of dollars in Egypt and in the world. And actually the key message is that energy market now is going through a transition. And, we think that there is still some growth but most of that growth will be coming from emerging markets,” said Spencer Dale, Group Chief Economist at BP.”
(dmg events Press Release)