Petroleum Ministry to narrow gap between energy consumption, production

The Petroleum Ministry seeks to narrow the gap between production and consumption by accelerating the implementation of new gas and oil production projects either through the development of existing refining units or the establishment of new refineries, Petroleum and Mineral Resources Minister Tariq al-Mulla said on Wednesday.

During a meeting headed by DEA AG CEO, Thomas Rappuhn, Mulla said that the ministry aims to cover the consumption of all economic sectors in Egypt, referring to the positive role of the new gas law.

CEO of the Egyptian General Petroleum Corporation, Abed Ezz al-Regal, and President of the Egyptian Natural Gas Holding Company, Osama al- Baqly, attended the meeting.

The Ministry of Petroleum said in a statement on Wednesday that Mulla stressed during his meeting that DEA is one of the most successful examples of the fruitful cooperation between Egypt and Germany in oil exploration.

The minister pointed out that the development of the Egyptian petroleum industry should attract German investments, as Germany has the expertise and advanced technologies in oil.

Mulla gave examples of joint projects with DEA such as the west Delta exploration projects, the exploration projects of Taurus and Libra fields through BP, DEA, EGAS and the Egyptian General Petroleum Corporation alliance.

Rappuhn stressed his confidence in the Egyptian oil sector emphasizing it as a key factor in the success of the company in Egypt. He praised the great achievements of the North Alexandria exploration project and the strong government support the project receives.

Edited Translation from Al-Masry Al-Youm

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