Sisi inaugurates EGYPS 2023

Updated 2/12/2023 10:24:00 AM

Arab Finance: Egyptian president Abdel Fattah El-Sisi inaugurated the sixth session of the Egypt International Petroleum Exhibition and Conference (EGYPS 2023), according to a statement by the Ministry of Petroleum and Mineral Resources on February 12th.

The inauguration took place in the presence of high-level energy and petroleum ministers from a number of countries around the world, secretaries-generals of regional and international energy organizations, and heads of international energy, oil, and gas corporations.

EGYPS 2023 themed “North Africa and the Mediterranean: Supporting Energy Supplies global and sustainable demand.”

A series of successive challenges, including the pandemic and the Russian-Ukrainian war, loomed over the international community affecting the entire world, and Egypt was not isolated from these challenges.

“In an effort to mitigate the impact of these challenges and work to transform them into opportunities that support the Egyptian economy, the sector has worked to exploit the competitive elements that Egypt enjoys in order to adapt the energy crisis and confront it,” Petroleum Ministry Tarek El-Molla said during his speech.

For his part, Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al Ghais said that the organization forecast the petroleum industry needs investments amounting to about $12 trillion until 2045, at a rate of $500 billion annually, stressing the importance of investing in energy security as a major component of economic activity and energy availability.

Al Ghais added that Egypt and OPEC always work side by side, and that Egypt is a major supporter of the declaration of cooperation known as OPEC+, which the G20 and the main consuming countries emphasized on its positive and constructive role in supporting the stability of global oil markets.

The three-day event will be hosted under the patronage of El-Sisi, with the support of the Ministry of Petroleum and Mineral Resources at the Egypt International Exhibition Center.