On 12th February 2023, on the sidelines of EGYPS 2023, Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources met with Alessandro Bernini, Tecnimont CEO & COO to discuss means of cooperation in petrochemical, refining, and energy transformation sectors. During the meeting, El Molla stressed the Egyptian-Italian cooperation in various sectors, especially oil and gas sector. This cooperation achieved success for both countries and the Eastern Mediterranean region. Further, Italy was among the first founding members of East Mediterranean Gas Forum, bolstering its efforts for setting the principles of cooperation and regional gas partnership. El Molla stated that the Egyptian petroleum sector had started implementing major petrochemical projects from the 1970s till now for optimizing its natural resources, in addition to upgrading refineries in line with the decarbonization efforts.
The Minister added that the challenges the world is currently facing proved its recurring demand for fossil fuels, as green energy is still far behind in fulfilling the entire energy demands.
For his part, Alessandro referred to Tecnimont's robust interest in the available investment opportunities in the downstream sector in Egypt, in light of Egypt's attractive investment environment. He also welcomed expertise exchange between the company and the petroleum sector. During the meeting, they agreed on forming a joint working group to explore the proposed cooperation and investment opportunities.
