President Abdel Fattah El Sisi in the Gas Exporting Countries Forum (GECF):
- Our peoples' aspirations drive our cooperation to fulfill their hopes and ambitions
- Enriching joint work to provide an appropriate investment environment, with fair prices and balanced contracts to achieve mutual interests for all
On 29th November, President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt and President of the African Union, asserted the significance of the success efforts, aiming at increasing communication and integration among the countries of the African continent. Egypt, as the head of the African Union, and in partnership with its neighbours, endeavors to the enhance development in Africa, which comes in line with the African Union vision 2063, as well as enriching the African partnership in order to establish the development pillars.
This came during Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources' speech, delivered on behalf of the President, in the 5th Summit of Heads of State and Government of member Countries of the Gas Exporting Countries Forum (EGCF) hosted by Malabo, Capital of Equatorial Guinea.
The President highlighted that GECF was convened on time to open in depth dialogues among the participating countries to face the increasing challenges, the world has been witnessing recently. Furthermore, he shed the light on the importance of energy security and enhancing its accessibility.
He pointed out that Egypt was able to achieve successes over the past five years, through adopting and implementing a firm economic reform program, according to the Egyptian national requirements, supported by a conscious and ambitious political will, as well as strong popular support and understanding. And it was commended by various experts and International economic and financial institutions.
Egypt succeeded in achieving the best GDP rate since 11 years, of about 5.6%.
During the past years, the Petroleum Sector was able to achieve unprecedented improvements in various oil and gas industry domains in a record time, 27 projects were implement for developing gas fields, with investments of about $ 30 billion, this led to increasing natural gas production to 7.2 billion cf/d.
El Sisi noted that the past two years witnessed positive and solid steps towards turning Egypt into a regional hub for trading and exchanging oil and gas, starting with developing the infrastructure, as well as enhancing cooperation with our international and regional partners.
The President clarified that Egypt's efforts were crowned by the establishment of the East Mediterranean Gas Forum (EMGF) to intensify cooperation through a systematic dialogue and setting regional policies, for optimal utilization of gas potentials in the region for achieving joint interests.
El Sisi declared that Egypt's main message is to exploit our oil and gas resources in a way that help spread peace, cooperation, sustainable development and supporting humanitarianism.
Ministers of the Gas Exporting Countries Forum (GECF) after their Meeting