Egypt possesses keys of future of Eastern Mediterranean oil: Min.

CAIRO - 24 April 2018: Minister of Petroleum and Mineral Resources Tarek el-Molla said on Tuesday that Egypt and the European Union (EU) signed a memorandum of understanding on cooperation and strategic partnership in the domain of energy.

In his speech at the inaugural ceremony of a renewable and sustainable energy forum between Egypt and the EU, he added that the agreement helps enhance joint cooperation in the long run.

Egypt and the EU are about to start a new phase of joint action that will contribute to meet the aspirations of Egypt to be a regional hub for energy.

Egypt is now in possession of the keys of the future of gas in Eastern Mediterranean, he pointed out, adding that the EU is an important strategic partner for Egypt in the energy domain.

The EU has extended technical support for the Egyptian oil sector so that Egypt would be attractive to energy investments, he pointed out.

The Egyptian oil sector is now reaping the fruits of economic reforms that are implemented by the government, he said, adding that the year 2017 was full of unprecedented achievements in the oil sector.