20 August 2018 10:26 AM

Egypt owns needed criteria to be regional hub for oil, gas trading

Wednesday، 18 April 2018 - 11:52 AM
Egypt owns needed criteria to be regional hub for oil, gas trading

 
Petroleum Minister Tareq el Mulla asserted that, in addition to its unique strategic location, Egypt owns all criteria enabling it to be a regional hub for oil and gas trading, with the aim to make the best use of the resources available in the Eastern Mediterranean region.



 

Egypt has already undertaken bold steps in view of working on various axes including the formation of a governmental committee comprising all competent bodies to outline a specific strategy to turn Egypt into a regional hub, said the minister. 

The Minister made the remarks on Tuesday17/4/2018 in his opening speech at the 9th Mediterranean Offshore Conference and Exhibition (MOC 2018) in Alexandria.

The Minister referred to Egypt’s close cooperation with the European Union (EU), with the view to turn Egypt into a regional hub, pointing out that several technical and financial support programs are included as part of the move.

A memorandum of understanding is set to be inked in the coming week in this regard, during the expected visit to Cairo by the EU commissioner for energy affairs in Egypt, the minister noted.

As well, dialogue and negotiation with research and exploration companies operating in the region will be continued, Mulla said.

Mulla explained that the aim of turning Egypt into a regional oil and gas hub is part and parcel of the development project of the petroleum sector, a move that seeks unveiling the full potentials of the sector by (2021) as a major driving force for the sustainable development, according to a released statement by the ministry.

 MENA

 

 


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