IPTC Ministerial Panel Session OPEC+: We will continue to maintain balance in the Oil Markets

​Bilateral meeting between the Egyptian and Saudi Minister of Petroleum and Energy during IPTC

2/21/2022

Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources: Plans for Emission Reduction by the Petroleum Sector and its Partners

 

On 21st February 2022, Eng. Tarek el Molla, Minister of Petroleum and Mineral Resources, participated in a ministerial session within the activities of the International Petroleum Technology Conference (IPTC), which is being hosted by the Kingdom of Saudi Arabia from 21-23 February 2022.

The Ministerial session was held under the title "Fuelling Global recovery through sustainable Energy" with the participation of Prince Abdulaziz bin Salman, KSA Minister of Energy, Suahail Al-Mazrouei, UAE Minister of energy and Infrastructure, Mohammed bin Khalifa bin Ahmed Al Khalifa, Bahraini Minister of Oil; Abdul Latif Al-Fares, Deputy Prime Minister of Kuwait & Kuwaiti Minister of Oil, Electricity, Water and Renewable Energy: and Ihsan Abdul Jabbar Ismail, Iraqi Minister of Oil. 

During the session, El Molla stated that the alliance between OPEC and OPEC+ is useful and successful, and Egypt participates as an observer in these joint meetings.

The Minister added that Egypt is working on adopting the appropriate energy mix that allows crossing the transitional phase until the complete energy transition. He stated that a strategy for energy until 2035 has already been drawn up for several years, which aims to reach the proportion of new and renewable energy in the energy mix to 42% by the year 2035, noting that Egypt's energy mix, is currently, depending by 20% on solar, wind, hydropower and we are establishing a nuclear plant now.

Regarding Egypt's hosting of the upcoming COP27 in November 2022, El Molla indicated that Egypt is a country that abides by all international agreements to preserve the environment, especially The Paris Agreement. He stated that preparations for this summit are not only made in Egypt, but with partners and allies with the aim of providing fruitful discussions and contributing to transforming the planet into a clean, low-emissions planet, while maximizing the exploitation of available resources.

 

Saudi Energy Minister: the world cannot depend on the renewables alone

During the session, KSA Minister of Energy, Prince Abdulaziz bin Salman asserted that the world will not be able to produce all the energy it needs from renewables only, reiterating that the energy market should be stable.

He affirmed that Saudi Arabia will continue investing in renewables and sustainable development projects, along with expansion in petroleum production. He called the countries to promote technology to cooperate and collaborate in reducing emissions and greenhouse gases in all sectors.

 

UAE Minister of energy and Infrastructure: We should continue investing in fossil fuel and produce low emissions fuel

Suahail Al-Mazrouei, UAE Minister of energy and Infrastructure asserted that UAE is no longer just an oil producer but also a promoter of green energy and UAE aims to be part of fast-emerging hydrogen market, and the country has plans to capture 25% of the global hydrogen market share.

 

Kuwaiti Minister of Oil: OPEC+ agreement proved to be the perfect collaboration

Dr. Mohammad Abdul Latif Al-Fares, Deputy Prime Minister of Kuwait & Kuwaiti Minister of Oil declared that OPEC and OPEC+ agreement proved during the last two years to be the perfect collaboration in the petroleum industry.

As for energy transition, he asserted that Kuwait strategy conform with the region in concentrating on decreasing carbon emissions and applying CCUS (carbon capture, utilizing and storage) and low carbon emissions to achieve smooth energy transition by 2035.

 

Iraqi Minister of Oil: balanced vision of OPEC+ will realize climate change goals as well as Nations' economic goals

Ihsan Abdul Jabbar Ismail highlighted the importance for OPEC+ to commit to the current agreement for the interest of the energy market. He added that Iraq strategy for energy transition 2030 depends on changing all hydrocarbon power plants to green energy power plants, pointing out that Iraq has signed several agreements with global companies in this regards.

 

Bahraini Minister of Oil: Hydrogen technologies not ready yet

Bahraini Minister of Oil elaborated that the Bahraini government seeks to achieve net zero emissions and generate electricity from renewables. He also asserted the importance of realizing added value from carbon dioxide to be economically feasible, as the recent technology in hydrogen is not ready yet, especially the region still has untapped hydrocarbon potentials, that could be used by CCUS technology, hence reduce emissions.




El Molla's Speech during the Ministerial Meeting at IPTC




El Molla among Ministers of Petroleum and Energy from Saudi Arabia, Bahrain, UAE, Iraq and Kuwait




El Molla during his meeting with the Emirati Minister during the IPTC




The Ministers of Petroleum and Energy participating in the Ministerial Session of the IPTC




El Molla during his meeting with the President and CEO of Aramco