Molla asserts global partnership importance in securing energy supply

03 Oct 2018

Cairo: Petroleum Minister Tarek el Molla Tuesday underlined the importance of international partnership in securing energy supply at balanced rates for producers and customers which requires cooperation and coordination to ensure sustainability in supporting economies of nations.

It is necessary to draw up a clear-cut roadmap for coordination and cooperation in oil and natural gas affairs and define targets and necessary mechanisms to secure the future of energy supply, the minister said during a ministerial session of the 11th Arab energy conference, which started in Marrakech on Monday.

Egypt is poised to become a regional hub for trade and handling natural gas and petroleum as part of its participation in securing a stable supply of gas to world markets through receiving gas produced in Mediterranean fields to Egypt and re-exporting it through its liquefaction factories in Edku and Damietta, the minister said.

Global oil and gas markets are currently witnessing fluctuation in prices which definitely affects whether positively or negatively the economies of oil exporting nations, he said, asserting the need to exert collective efforts by the industry parties to reach balance in prices and stability in markets.

Egypt is keen on cooperation with all producers inside and outside the OPEC to reach the aspired stability, he said, praising the key role played by Arab oil exporting countries, members of OPEC, in stabilizing oil and gas supply to the markets in light of their great potentials in terms of size of exports and production.

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