Global Courant 2023-05-02 15:27:21
Petroleum and Mineral Resources Minister Tarek al-Molla said exports of LNG on a spot basis are helping Egypt further benefit from global gas price increases.
Molla said in statements on Monday, May 1, 2023 during talks with Spanish Ambassador to Cairo Álvaro Iranzo that Egypt’s intensive drilling program aims to accelerate new discoveries and increase production.
He added that this will support the local market and natural gas exports during the energy transition.
Talks between the two sides discussed investment opportunities in oil and petrochemicals in Egypt and its role in energy security, as well as European Union (EU) efforts to meet the challenges of the oil and gas industry.
The Minister underlined the importance of the Eastern Mediterranean as a reliable source of natural gas, as evidenced by the active activities of international oil companies in the area.
He noted the country’s intention to link discovered fields in Cyprus to Egypt’s liquefied natural gas (LNG) plants and underlined the importance of Egypt’s energy transition and hydrogen production.
For its part, Iranzo confirmed the importance of Egyptian LNG exports. He said the Eastern Mediterranean has become a strategic region with rich natural gas resources, which has the capacity to become a major supplier to Europe.
Iranzo added that his country has a special interest in Técnicas Reunidas’ low-carbon projects in Egypt.
He emphasized the company’s desire to explore available investment opportunities in the Egyptian market, particularly in hydrogen, cement, ammonia and mining.
Molla: We are expanding spot contracts to export LNG
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