Minister of Petroleum and Mineral Resources reviews energy strategy at OPEC meeting

Minister of Petroleum and Mineral Resources Tarek Al-Mulla said that Egypt supports the efforts of the Organization of Petroleum Exporting Countries (OPEC) to promote joint cooperation between the oil producing countries in order to maintain a world market for balanced and fair oil in order to benefit producers and consumers alike. Is to ensure that market stability is maintained. The biggest challenge in the coming period is to keep prices within an appropriate range that will attract more investment for the petroleum industry and ensure a favorable price for consumers.

This came during his speech before the fourth joint ministerial meeting of the OPEC member countries and the non-OPEC oil producing countries, which was held in the Austrian capital Vienna under the chairmanship of Eng. Suhail Al Mazroui, UAE Minister of Energy and Industry. Addressed to it by the Organization.

He praised the unprecedented international cooperation between the OIC member countries and the non-member countries in order to achieve a balanced world oil market. The historic cooperation agreement announced in December 2016 is an important step that radically changed the energy landscape and led the world oil market gradually to stability. And sustainability.

The minister added that Egypt is implementing an ambitious reform program to overcome the challenges and restore the balance of the economy and took bold measures including exchange rate liberalization, reform of the tax system and energy support accompanied by improved social protection programs. The main aim of these reforms is to ensure sustainable development and achieve the principle of social justice. That the Egyptian government pays special attention to the energy sector, which is one of the most important pillars of the economy, a strategy aimed at developing a more flexible and efficient system to support the transition to a free market energy system, FH to regain its role as a major player in the global oil market.

Al-Mulla pointed out that Egypt has started implementing a program to become a regional center for energy as it enjoys all the elements that qualify it for this role because of its excellent strategic location or by possessing the necessary infrastructure and facilities from power plants, gas liquefaction plants, refineries, storage depots, The Egyptian oil and gas sector has taken several steps to meet the requirements of the next phase and the vision of the government through a strategy based on three main axes, namely ensuring energy security and meeting domestic demand, and secondly achieving Sustainability and maximize the added value of Egypt's natural resources and thirdly the implementation of the principles of governance by building national capacities with high efficiency.