Egypt’s Oil Minister, US energy official in talks for bilateral cooperation

Egypt’s Minister of Petroleum Tarek el-Molla met with US Assistant Secretary of State Francis Fannon on Monday and discussed ways of boosting bilateral cooperation regarding the oil and gas industries and efforts to develop the sector.

El-Molla said in a statement on Monday that he reviewed the latest positive developments in the Egyptian economy with el-Molla, especially in the oil and gas sector, in light of the measures implemented by the Egyptian government to achieve economic reform and comprehensive development.

During the meeting, the minister demonstrated the measures adopted over the last four years within the strategy to develop the oil and gas sector in Egypt, aiming to increase the flow of investments of international oil companies in the country and achieving the highest rates of natural gas production and self-sufficiency of locally produced gas and energy supplies, to contribute to economic development.

Fanon affirmed his country’s keenness to strengthen cooperation with Egypt and to expand joint projects in this field, especially in the eastern Mediterranean region, targeting more discoveries and development of gas reserves in that region.

Fannon also hailed the positive results achieved by Egypt’s oil and gas industry in recent years as well as the Egyptian government’s ability to implement major natural gas projects in such a short time, the Egyptian statement said.

Source: Ahram Online