Egyptian Finance Minister Mohamed Maeet said the state works on increasing the number of beneficiaries of the presidential initiative aiming at replacing gasoline-powered vehicles that are manufactured 20 years ago by natural gas-operated ones.
This came during a meeting with the Minister of Petroleum, Walid Fayyad, the Lebanese Minister of Energy and Water, who is currently visiting Cairo, according to a statement from the Ministry of Petroleum, Monday.
The government has implemented a plan to rationalize electricity consumption in order to provide natural gas used in the stations in order to export it abroad in light of the high global prices.
The ministry is modernizing the fleet of the public transport in Cairo and Alexandria to operate using natural gas instead of diesel, in partnership with Ministry of Military Production.
The plan aims to achieve the economic optimum benefit from Egypt’s wealth of natural gas, and to maximize the added value thereof.
The concession area is located about 20 kilometers west of the Raven field in the Mediterranean Sea, with an area of about 2,600 square kilometers, at a depth ranging between 500 and 2,000 meters.
Certainly, Egypt’s share of the total natural gas exports worldwide will increase on the back of signing an agreement with Israel and the European Union (EU) on natural gas delivery to the European Union (EU) from the East Med region.
Her discussions with Sisi will focus on tackling food insecurity in the region and in the world, extending our energy and climate cooperation, and ensuring a successful COP27, she tweeted.
The interview covered the food and energy crises ensued from the Russia-Ukraine War.
President Abdel Fatah al-Sisi received Wednesday at Al Itihadiyah Presidential Palace European Commissioner for Neighborhood and Enlargement Oliver Varhelyi.
Molla was reviewing the oil sector's measures during the current crisis before the energy and environment committee of the House of Representatives, headed by MP Hossam Awadallah.
The ministry noted that the number of gas-powered vehicles in Egypt rose to 500,000 by January.
The deal aims at making the optimal use of Egypt's natural gas reserves by maximizing production capabilities in a way that enables EGAS to explore new opportunities to increase production.
President Abdel Fatah al-Sisi received Thursday an Eni delegation led by CEO Claudio Descalizi in the presence of Minister of Petroleum and Mineral Resources Tarek al-Mulla.
The two ministers stressed the importance of the East Mediterranean Gas Forum as a multilateral cooperation framework in the energy field.
On September 2021, the energy ministers of Egypt, Syria, Lebanon, and Jordan agreed on a roadmap to supply Lebanon with Egyptian natural gas to generate electricity amid the ongoing Lebanese energy crisis.
The Egyptian-Russian deal aims at promoting cooperation and exchanging expertise in the use and transfer of natural gas.
Molla reiterated the importance of providing finance and technology to support the sustainable use of natural gas.
In an infographic, the IDSC said that Egypt’s liquefied natural gas exports increased from 1.5 million tons in 2020 to 6.5 million tons in the following year.
Baerbock would discuss cooperation in preparation for COP 27 conference due to convene in Sharm El Sheikh In November 2022.