Egypt is keen on reaching energy self-efficiency: Petroleum Min.

CAIRO - 15 February 2018: CNBC network highlighted its interview with Egypt’s Minister of Petroleum Tarek al-Mulla, where he addressed Egypt’s efforts to achieve self-sufficiency in energy sector, saying that security and stability in providing energy is the key reason of Egypt’s success.

During the interview, the minister pointed out that the goal of the ministry is to reach self-sufficiency by the end of 2018.

“We Seek the welfare of Egyptian people,” Mulla told his host Steve Sedgwick on Wednesday, stressing that Egypt is keen on keeping the good alliance with its partners in energy sector.

“About 91 percent of our energy sources come from fossil fuel,” Mulla underscored.

He further explained that both ministries of petroleum and electricity put strategy to reduce the dependence on fossil fuel from 91 percent to 60 percent, they focus on having sustainable production and it doesn’t search for quick wins or fix for short period of time.

Mulla responded to the host’s question regarding the criticism directed to Egypt’s upcoming presidential election saying: “Egypt’s success which achieved over the last few years has created professional jealousy.”

“However, we should follow up our road map and look forward to our prosperous future,” Mulla added.

On February 12,Mulla told CNBC during Extractives Global Programmatic Support (EGPS) conference that the Egypt is committed to pay all its debts to foreign companies, reached to $2.4 million by the end of 2016/2017 fiscal year, within two years .He also affirmed that the government is not intending to slash the fuel subsidies during the current fiscal year.