On 12th February 2023, OPEC Secretary General, Haitham Al Ghais, delivered a speech during the opening of Egypt Petroleum show (EGYPS 2023). At the beginning of his remarks, he extended thanks to President Abdel Fattah Al Sisi for holding this prominent oil event under his generous patronage. He stated that the presence of his excellency in the opening of the event reflected on his keen interest in promoting energy sectors and specifically oil and gas industry, which has reaffirmed Egypt's leadership in energy markets.
Al Ghais expressed pleasure at attending the opening ceremony of Egypt Petroleum Show in Cairo for the first time after assuming his current position as OPEC Secretary General. He also referred to the festive commemoration of a 'Gentlemen's Agreement' ceremony, which took place in in Maadi Sporting and Yacht Club in 1959 and was forged that led a year after to OPEC's establishment in Baghdad.
He added that Egypt has been working hand in hand with OPEC, praising its role as a key supporter of the OPEC+ alliance, along with its positive role lauded by the 20-member state and OPEC Plus organization in supporting the stability of the global oil markets.
He also confirmed the OPEC's commitment to support the market's stability and investments for fulfilling the increasing demand rate and the efforts towards low-carbon transition. He also stated that OPEC's recent outlook showed that the global oil demand was projected to rise during this year, exceeding pre-Covid levels, despite the considerable decline in investor appetite for fossil fuel projects during the last years.
He said that oil industry needs $12 trillion of investments by 2045, at an average of $500 billion annually, emphasizing the importance of investments as a pillar of the economic activities, access to energy, and energy market's stability.
He also called all the entities concerned with the climate change issue to add another perspective to their efforts and collaborating towards the energy transition to ensure energy security for all. He also highlighted that Egypt's remarkable hosting of COP27 led to establishing strategic platform in support of balanced and equitable energy transition, looking forward to the COP 28, which the UAE, an OPEC member will host to be a new opportunity for identifying collaborative and sustainable solutions.
In conclusion, Al Ghais extended thanks to President Abel Fattah Al Sisi and Minister of Petroleum, Tarek Al Molla on providing an opportunity for exchanging views, insights, and prospects during EGYPS.
