Tarek El Molla, Minister of Petroleum and Mineral Resources stated that the quantities of liquefied natural gas (LNG) exported from the Damietta and Idku stations in the northern Delta of Egypt helps the European Union’s meet its gas needs, and that the expansion and rehabilitation of gas fields led to achieving local sufficiency and exporting the surplus to the EU as a major market for Egypt.
El Molla added, during an interview with CNBC Arabia, on the sidelines of his participation in the activities of the World Economic Forum “Davos” 2022, stressing the importance of this global event in order to strengthen relations and joint coordination with countries active in the global economy and contribute to strengthening policies that support the encouragement of investments in all economic fields, in general, and the energy sector in particular, especially in light of the successive events that the world is witnessing, including the Russian-Ukrainian war, which cast a shadow on the global economy.
The current events had a direct impact on the price fluctuations in the global oil markets, and that Egypt had developed plans to increase investment in exploration projects related to the petroleum sector in order to meet the needs of the local market and global needs, with the support of international oil companies.
El Molla pointed out that most of the world’s economies are negatively affected today by the rise in oil prices and the rise in global inflation.
