On Monday, 11th Feb., 2019, Egypt’s Prime Minister, Eng. Moustafa Madbouli has opened - on behalf of President Abdel Fattah Al-Sisi - the Third edition of the Egypt Petroleum Show – EGYPS. The top-notch petroleum show is taking place in Cairo, 11-13 February 2019.
In a speech at the opening ceremony, The Egyptian Minister of Petroleum and Mineral Resources, Eng. Tarek El-Molla said that both the government and citizens had collaborated in the recent years on carrying out the country’s comprehensive economic reform program under Egypt 2030 Strategy. The strategy aims to improve Egypt’s economic conditions, create job opportunities, and build a strong infrastructure by launching a number of giant developmental projects, El-Molla added.
Egypt is working to leverage its strategic location and well-developed infrastructure to become a key international trading and distribution center for gas.
The country has made substantial progress in its economic program and significant structural reforms as evident in the success achieved in having improved economic indicators and better credit ratings by several international financial institutions, the Minister said.
Furthermore, El-Molla said that the Ministry of Petroleum had embarked a bold strategy to monetize the country's natural resources, achieve sustainable development, and ultimately transform Egypt into an oil and gas trading hub for the region. Such strategy, started over the past two years, has helped allure more foreign investments, he added.
Egypt’s Ministry of Petroleum has signed an agreement for a seismic survey in the Gulf of Suez region and will start technical consultations with the firms operating there to start the survey by the end of 2019, El-Molla announced.
The Minister also referred to an unprecedented demand for the 95 octane gasoline, marking a 250% growth along with witnessing a 300% increase in the number of firms and marketing outlets in the country. This comes after launching an initiative last year to provide 95 octane gasoline to consumers with additives for an improved quality and let each company add its own additives to the gasoline and issue the product with its own trademark.
Moreover, the Petroleum Ministry has finalized its two-phased development plan for joint-venture Badr El- Din Petroleum Company (Bapetco) and will start the first trial steps by the beginning of the second quarter of the current year. The plan will work on developing and maximizing Bapetco’s performance in terms of governance application and human resources cadres' development.
Egypt has witnessed several success stories, particularly in the oil and gas industry domains over the last three years, El-Molla said. The country has drastically transformed from being one of the world’s biggest gas importers into achieving gas self-sufficiency and eventually establishing itself as an exporter. This was buoyed by President Al-Sisi’s support that helped restore global firms’ confidence as evident in reducing their arrears by more than 80% which encouraged them to pump more investments in the country. Also, the Minister highlighted the crucial role played by the national firms that partook in carrying out several gas field development projects in record time, contributing to a 60% increase in production.
Aiming to ensure a social justice and providing outstanding services to all citizens, El-Molla said the Ministry had delivered more than 1 million homes with natural gas during 2018, giving top priority to remote rural areas and cities. The Ministry has also expanded in the number of cars running on natural gas, as part of plans to lower the subsidy bill and preserve environment.
2018 was a successful year toward transforming into a regional hub as a main pillar of Egypt’s modernization project. “We perceive Europe as our primary targeted market. We have taken many steps towards this goal. We signed an MoU with the EU, on strategic partnership in energy in April 2018; including EU’s support to Egypt to turn into a regional energy hub,” El-Molla said.
There was also the intergovernmental agreement signed between Egypt and Cyprus to construct a gas pipeline to transfer gas from Aphrodite gas field into LNG plants in Egypt, which resulted to great interest from international oil companies, down-streamers and financial institutions, El-Molla said.
The Minister also referred to the new business environment in Egypt for oil and gas sector, including the development of Giza and Fayoum gas fields part of the second stage of the West Nile Delta, in cooperation with BP. Production from Giza and Fayoum gas fields will gradually jump to 700 million cubic feet per day by April from 400 million currently, the Minister added.
Moreover, Egypt will announce the results of the oil exploration Bid Rounds of EGAS & EGPC during the conference, El-Molla said.
EGYPS 2019 brings together Egyptian and North African government representatives, key project owners, NOCs and IOCs, International Service Providers & Engineering, Procurement & Construction Companies, EPC contractors, consultants and financiers to address the evolving opportunities in the Egyptian and North African energy arena.
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