Egypt s President Abdel-Fattah El-Sisi in his meeting on Thursday in Cairo with Minister of oil Tarek El-Molla. Photo: Egyptian Presidency
The president’s remarks came during a meeting on Thursday in Cairo with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Tarek El-Molla, according to the Egyptian Presidency.
During the meeting, Minister El-Molla reviewed the current and future investment plans for exploration and research in the Eastern and Western Mediterranean region– in collaboration with major international energy companies – until the year 2025, with total investments of about $2.1 billion.
In his presentation, El-Molla said that current preliminary results show promising discoveries that will support the national economy as well as consolidate Egypt’s position as a regional energy hub.
The minister stressed that Egypt’s research and exploration activities in the Mediterranean are carried out in accordance with the principles and customs of international law and the United Nations Conventions governing states’ managing of their natural resources in the high seas.
Tarek El-Molla also spoke about the progress made in the soda ash complex project in the industrial zone of New Alamein city, which the state carries out in partnership with the private sector at a total cost of $500 million.
In this regard, President El-Sisi instructed to accelerate the implementation of the soda ash complex project, which is expected to yield high economic returns and provide new job opportunities.
Egypt is a major exporter of natural gas and has been working to increase its gas exports to obtain foreign currency in the wake of the Russia-Ukraine crisis, which has put pressure on the local Egyptian currency.
Egypt exported 4.7 billion cubic metres (bcm) of liquefied natural gas (LNG) in the first five months of 2022 and 8.9 billion bcm last year, according to data by Refinitiv Eikon.
Egypt seeks to raise its monthly revenues from natural gas to $1 billion instead of up to $600 million currently, Finance Minister Mohamed Maait said during the Euromoney Egypt Conference 2022.