16 February 2019 10:18 AM

President Sisi tours various pavilions of EGYPS 2018

Monday، 12 February 2018 - 03:39 PM

President Abdel Fattah El Sisi toured on Monday 12/2/2018 various pavilions of Egypt Petroleum Show (EGYPS 2018), an important platform for exploring evolving opportunities in the Egyptian and North African energy sector, said presidential spokesman Bassam Radi.

President Sisi attended the inauguration ceremony of the conference held at Egypt International Exhibition Center (EIEC) in New Cairo.

Prime Minister Sherif Ismail, Petroleum Minister Tarek el Molla in addition to a number of statesmen welcomed the Egyptian president upon arrival.

The Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC), the Gas Exporting Countries Forum chief and the head of the World Petroleum Council are also taking part in the event.

The presidential spokesman said the event started by screening a documentary on the efforts of the Petroleum Ministry in luring investments to Egypt.

The film also shed light on the important natural gas finds discovered lately in Egypt and efforts to turn Egypt to an energy hub.

Addressing the conference, Secretary General of the Organization of Petroleum Exporting Organization (OPEC) Mohammad Barkindo said Egypt has become one of the major sources of energy in the region thanks to the wise leadership of President Abdel Fattah El Sisi.

He referred to a growth of the world's oil production, saying it hit 100 million barrels per day in 2018 and is expected to further increase in 2019. However, he noted that investments in the petroleum sector have decreased worldwide by 27 percent, urging luring more investments to this vital sector.

Then, Petroleum Minister Tarek el Molla addressed the conference, saying today's event is an important platform for exploring promising opportunities in the petroleum market and increasing cooperation with world companies.

He expressed appreciation for President Abdel Fattah El Sisi's continued support of the oil sector and his keenness to take part in the opening of today's conference.

He said the petroleum sector achieved over the past four years unprecedented successes that made Egypt the core of attention of many world companies.

Molla lauded steps taken by the Egyptian government to boost the national economy through liberalizing the pound, adopting daring economic reforms, developing investment-related legislations and fixing the energy subsidy mechanism.

The EGYPS 2018 brings together Egyptian and North African government representatives, key project owners, NOCs and IOCs, international service providers, EPC contractors, consultants and financiers.


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