Egypt, Russia Stress Importance of LNG as Transitional Fuel within Global Energy Mix

Minister of Petroleum Tarek El Molla discussed with Russian Energy Minister Nikolay Shulginov ways to enhance joint cooperation between the two countries in the field of energy. 

They reviewed efforts to secure energy sources in parallel with efforts to reduce emissions and remove carbon from natural gas, where the importance of the role of natural gas was emphasized as a transitional fuel within the global energy mix.

This came, Friday, on the sidelines of his participation in the seventh summit of heads of state and government of the Gas Exporting Countries Forum (GECF) in Algeria, according to a statement by the Ministry of Petroleum.

El-Molla pointed out that Egypt's participation in the BRICS group contributes to strengthening cooperation and trade relations between Egypt and Russia, stressing support for the priorities of cooperation between the BRICS countries in the field of energy proposed by Russia, especially with regard to the energy transition, energy security, and the initiative to reduce methane emissions.

He also held a discussion session with the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham al-Ghais, and the meeting discussed enhancing cooperation between the petroleum sector and OPEC.

The Secretary-General of OPEC congratulated Engineer Tarek El-Molla on the recent success of the Egypt International Energy Conference “EGYPES 2024,” stressing that this event develops from year to year and attracts high-level participation from the global energy sector.

The two sides stressed the important and continuing role of the oil and gas industry in securing global energy supplies in parallel with the development of renewable energy sources, especially with the availability of technological solutions to reduce emissions and remove carbon from all stages of the oil and gas value chain.

The two sides also stressed the need to enhance dialogue between all parties, and pump more investments necessary to develop energy resources to maintain the security of its supplies.