The Egyptian Ministry of Oil discussed plans to deal with the Russian-Ukrainian crisis to secure the demand for petroleum products and natural gas in the local market and reduce the severity of the negative effects of the crisis.
These statements were made by Minister of Petroleum and Mineral Resources Tariq El-Molla during his meeting with the Chairman of the Petroleum Authority and some of his deputies, heads of two gas holding companies, and some of his deputies, head of the transportation and distribution sector of the Petrochemical Holding Company. Assistant Minister in the Office of the Minister of Oil and Head of the Central Agency for Mineral Resources to discuss the impact of the Russian and Ukrainian crises on the Egyptian oil and gas industry, and to discuss proposed scenarios and work mechanisms that can be implemented soon to alleviate the crisis. The negative effects of the seriousness of the crisis, especially since “Egypt imports a large amount of crude oil and petroleum products from abroad to meet the needs and sectors of the local market.” The economic conditions of these products are different and to maintain a stable condition. Domestic oil products and gas markets.
Tarek El Molla said: “The Russian-Ukrainian crisis has brought many challenges to the economies of many countries of the world, including Egypt, and its impact was reflected in the important economic sectors in the world, especially the global oil and gas market, which prices differ from rapid fluctuations and rose sharply, and almost It reached a state of weakness, which required the development of a new action plan, aimed primarily at maintaining demand in the domestic oil products market and natural gas, through intensive research and exploration efforts, the rapid development of new discoveries and production inputs to increase oil and gas production in Egypt, increasing energy productivity of Egyptian refineries, increasing local production of high-quality petroleum products, improving operational efficiency, and reducing the amount of imports from abroad.
The Egyptian Oil Minister pointed out that “the self-sufficiency of natural gas in Egypt and its transition from an importer to an exporter is a strong addition to the Egyptian economy, especially in light of the high prices of liquefied gas globally.”
El-Molla pointed to “the possibility of taking advantage of current opportunities to increase Egypt’s production of natural gas by intensifying research and exploration efforts, and benefiting from advanced infrastructure and oil ports, as well as the two Egyptian-owned Idku and Damietta liquefaction stations.” In light of the increasing demand for natural gas and research by consuming countries around the world on various alternatives to securing natural gas supplies, calling for a “continuous review of the work program in light of these events, its place in the world and its impact on the world. The obvious impact of the oil market and efforts to reduce spending rationalizing consumption and improving production efficiency.”