Egypt's Petroleum Minister Stresses Collaboration In Global Energy Market At Gastech
Date
9/18/2024 2:17:21 PM
(MENAFN- Daily News Egypt) Egypt's Minister of petroleum and Mineral Resources, Karim Badawi, stressed the importance of collaboration in the global energy market. This came during his participation in the opening of the Gastech 2024 conference and exhibition in Houston, Texas, highlighting the country's role as a crucial player in global energy markets.
Badawi served as a keynote speaker at the inaugural ministerial session, titled“From Mitigation to Adaptation: Navigating Geopolitical Volatility in a Fragmented Global Order.” He was joined by a panel of fellow energy ministers from India, Turkey, the United States, and Nigeria.
Badawi underscored Egypt's strategic position as a gateway for natural gas and hydrogen trade between the East, West, and North. He pointed to the country's robust infrastructure, abundant natural resources, and the growing role of renewable energy sources such as solar and wind power. He stressed the need for strong international collaboration to optimise the use of these resources.
“Cooperation and combined efforts are essential for optimal utilisation of these resources,” Badawi said.
He further emphasised the importance of creating a conducive economic environment to attract investments in the petroleum sector, secure the necessary funding for carbon reduction initiatives, and maximise the contribution of renewable energy sources in Egypt's energy mix. He stated that Egypt aims to increase the share of renewable energy to 42% by 2030, aligning with its comprehensive and sustainable energy strategy. Badawi also highlighted the significance of ensuring sufficient natural gas supplies for value-added projects.
Badawi also addressed the role of technology in maximising production from existing fields and leveraging it to accelerate exploration and discovery processes. He underlined the need to collaborate with regional partners to utilise Egypt's infrastructure for receiving gas from the Eastern Mediterranean region, allowing for liquefaction and re-export to European markets. He also highlighted the importance of leveraging Egypt's extensive infrastructure in petrochemicals and refineries to create added value.
The minister emphasised the vital role of the energy sector in the Egyptian economy and the new government's commitment to accelerating investment attraction and fostering continuous cooperation between private sector companies and government agencies. He reiterated his dedication to continuing the sector's progress, achieving successes, and maximising the value of Egypt's natural resources in alignment with the country's vision for maximising value-added contributions.
The Gastech 2024 conference, which is taking place from September 17 to 20, 2024, brought together a distinguished group of energy ministers and CEOs from global energy companies.
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