On 24th May 2022, Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, left for Switzerland to participate in the activities of the World Economic Forum (Davos), under the theme "History at a Turning Point: Government Policies and Business Strategies". The event was attended by about 2,500 leaders and experts from all over the world after governments eased precautionary measures for the COVID-19 pandemic.
Minister of Petroleum Discusses Preparations in Davos for COP27, Bolstering Energy Transition and Increasing Investments
Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, convened a number of joint meetings with leaders of international energy organizations, IOCs, economic and financial institutions at Davos, on the sidelines of his participation at the World Economic Forum events.
El Molla declared that the meetings held at Davos are in the framework of the continuous deliberations between Egypt and mega international institutions and organizations, concerning COP27 preparations that will be organized and headed by Egypt this year to deliver successful outcomes.
In this framework, Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, discussed with Roberto Bocca, Head of Shaping the Future of Energy and Materials at the World Economic Forum in Davos, ways to cooperate with the Forum, benefit from experiences and exchange views in arranging preparatory sessions for COP 27, and holding round tables and workshops between the two sides in this regard via video conference. The meeting also discussed the situations after COP 27 with the World Economic Forum experts and officials.
Eng. Tarek El Molla also participated in a workshop about means of accelerating energy transition and availing the required finance for the projects. El Molla asserted that the workshop was full of constructive discussions, exchanging experiences and practices to benefit all participants. The workshop reviewed Indonesia and India success stories in decreasing emissions and energy transition through their Energy Ministers' presentations. Moreover, a number of international banks CEO's explained their investment plans allocated to renewable energy and hydrogen production projects. The International Finance Corporation , affiliated to the World Bank, assured their keenness to participate in this important workshop for its important role in supporting and bolstering the Sector.
Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA), tackled in the workshop the IEA role in this critical time for the energy industry and market, that witness energy transition.
Eng. Tarek Molla also held bilateral talks with Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA), in which they discussed the developments in global energy markets and their implications for climate and energy, as well as Egypt's preparations for organizing COP27 Summit. During the talks, El Molla and Birol highlighted the importance of coordinating efforts internationally to provide investments and funds from financial institutions in the energy transition stage.
El Molla asserted that Egypt is working on bolstering joint endeavors with the IEA, after its official join announced by Dr. Fatih Birol, Executive Director of the IEA, in EGYPS 2022 Conference.
Eng. El Molla also received a delegation from Chevron international Co., which included the company's Vice Presidents for Business Development, Refining, Exploration and Production, where they reviewed the company's activities in the fields of research and exploration for oil and gas in Egypt. The Minister highlighted the attractive investment opportunities to expand Chevron's activities in the upstream domain in Egypt.
El Molla also met with Petronas President & CEO, Tengku Muhammad Taufik, where they discussed joint investments in the Petroleum Sector. The Malaysian company has been operating in Egypt for more than 20 years through its partnership with the Petroleum Sector and Shell, as well as its recent investments in the field of marketing and production of high-quality motor oils. The meeting also emphasized the current opportunities to increase Petronas' investments in Egypt during that period.
Eng. El Molla receiving a delegation from Chevron international Co. at Davos 2
Eng. Tarek El Molla during a workshop about energy transition at Davos
Eng. Tarek El Molla during his Talks with Roberto Bocca, Head of Shaping the Future of Energy and Materials at Davos
El Molla meeting with Tengku Muhammad Taufik,Petronas President and CEO at Davos
Eng. Tarek Molla meeting with Dr. Fatih Birol, Executive Director of IEA at Davos