On 12th February 2023, H.E. President Abdel Fattah Al Sisi, President of the Arab Republic of Egypt, inaugurated the 6th edition of Egypt Petroleum Show (EGYPS 2023) in international presence of Energy Ministers, CEOs, of international oil giants, European Union and African Union Commissioners, Secretary General of OPEC, and a group of regional and global energy key figures and officials.
Petroleum Minister, Eng. Tarek Al Molla, delivered a speech as follows:
In the name of Allah, the Merciful, the Munificent
Mr. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt,
Excellences, Ladies, and Gentlemen
First of all, I would like to welcome you all at the 6th edition of EGYPT Petroleum Show (EGYPS), one of the most prominent energy platforms on both regional and international levels. This event shortly become of significant importance for whoever concerned with oil & gas industries.
Hence, I would like to sincerely thank His Excellency President Abdel Fattah El-Sisi, President of the Republic, whose dignified patronage and constant presence have been of distinctive mark in hailing the success of EGYPS. I also would like to extend my sincere thanks and appreciation to his ongoing support to the petroleum sector. Thank you, your excellency.
This edition is kicked off under the theme of "North Africa and The Mediterranean: Supporting Sustainable Global Energy Supply and Demand" during a very crucial timing, as the global community has already faced a series of subsequent challenges, which even Egypt wasn't shield from.
In an effort to mitigate those challenges and turning them into supporting opportunities for the Egyptian economy, oil sector has been leveraging on Egypt's competitive potentials to adapt to the energy crisis and handle it.
As part of the regional integration and cooperation on challenge mitigation, East Mediterranean Gas Forum's signifying role definitely reflected on foresight of Egypt's political leadership, which introduced an Initiative to the forum's establishment. Further, the efforts to strengthen regional cooperation were culminated by a surge at gas exports of both Egypt and the East Mediterranean countries to the European markets through Egypt's LNG terminals. Last year's gas export rates were one and a half times higher. Petroleum sector follows on the success. Last year, the value of petroleum exports surged to $18.2 billion. Egypt's oil trade balance recorded a surplus widened for the 3rd consecutive year, reaching more than $3billion.
Regarding oil exploration activities, 4 international bid rounds were announced on Egypt upstream Gateway, since its launch in 2021. Further, 3 international bid rounds are planned to be launched during the current year. We have, also, set an ambitious plan with our global partners till 2025, which entails drilling more than 300 exploration wells to be swiftly put into production.
Promoting Egypt's position as a regional energy hub, petroleum sector has successfully reformed its infrastructure during the last 8 years and half through:
- Increasing the number of LPG ports and handling terminals
- Adding 79 new warehouses for crude oil and petroleum products
- Constructing and upgrading 1400 km oil export pipeline
- Executing and running number of main gas lines to support the national gas grid with an approximate 1000 km
- Executing 8 new oil refinery projects and the opening of three of them during the last two years, which witnessed the presence of the President.
- Boosting the Petroleum Sector's digital transformation strategy through establishing digital system projects to support the operational efficiency.
- Achieving the highest annual delivery rate of natural gas to households for the Fourth consecutive year, reaching about 1.2 million residential units, which helped in decreasing the annual LPG consumption rate.
- In line with the Presidential initiative "Hayat Karima", we have accomplished gas-connecting projects to more than 200 villages. Carrying out the gas projects at the rest of the villages is in progress.
- Converting 500,000 vehicles to work with natural gas and doubling the number of gas stations to reach about 900 one.
- Optimizing the added value and import substitution through accomplishing petrochemical projects, and carrying out new ones
Ladies and Gentlemen,
Petroleum sector is at pace towards its strategic goals while contributing to the economic dimension of Egypt's sustainable development without neglecting our responsibility towards the social and environmental dimensions. The sector's newly adopted unified CSR strategy focuses on sustainability while pursuing to leverage on the contributions of both the sector and its partners in the social developments. So that, the sector keeps achieving several case studies of success in education, health, and environment.
Regarding the environmental dimension, climate change issue and energy transition has been a top priority for the petroleum sector. Last November, Egypt's hosted COP 27, which was an exceptional edition, hailed success, as it was characterized by inclusivity and turned the recommendations into reality, driven by the collaborative efforts of various national sectors.
During COP27, Egypt remarkably shaded light on the concerns related to the climate change issue in Africa and its right to gradual and fair energy transition. A positive outcome from COP 27 was the successful participation of the Egyptian petroleum sector in the UN Climate Change Conference through organizing Decarbonisation Day for the very first time in the agendas of UN Climate summits.
All the previous and current editions of EGYPS hadn't been kept away from the climate change issue, in addition to recently featuring the EGYPS 2023 Sustainability in Energy Conference.
In an ongoing effort to promote EGYPS to be the most comprehensive energy platform, I am pleased to announce today that the next edition of EGYPS will be named Egypt's International Energy Show (EGYPES) in a way to address more topics and bring more discussions about energy transition, emission reduction, and hydrogen energy issues, so as to cope with the global evolving energy transformation.
Ladies and Gentlemen,
We witnessed EGYPS as key platform for exchanging views, and introducing unique initiatives in support of regional and international cooperation in oil and gas sectors, while unifying the nations' prospects towards economic progress and development for shaping better future for us and the coming generations.
In conclusion, I would like to reiterate my thanks and appreciation to His Excellency, President Abdel Fattah El-Sisi, for inaugurating and sponsoring the conference.
I also thank our partners for their participation in this special event, and finally thank the organizing company, the executive committee, and sponsors on successfully running the conference.
I look forward to witnessing a successful conference, wishing our esteemed guests a good stay and Egypt progress and prosperity.