The Egyptian Minister of Petroleum, Engineer Tarek El-Molla, confirmed that moving forward towards the energy transition at a rapid pace may pose an economic and political danger at the same time, citing the repercussions of the Russian-Ukrainian war on the markets.
He pointed out that fossil fuels are an important tool for achieving this transition, especially since alternative fuels were not ready, as he stated during his interview with the Washington Times.
He said that the past year (2022) seriously demonstrated that economies cannot abandon oil, gas and other fossil fuels in the near future, despite the continuation of the global march towards clean energy, according to statements followed by the specialized energy platform.
Renewable energy is important.. however
The Egyptian Minister of Petroleum, Tarek El-Molla, explained that the cooperation of major companies operating in the oil and gas sector with stakeholders contributed to the energy transition gaining momentum recently.
Al-Mulla added in his interview that there is a strong trend globally to focus on solar energy, wind energy and other types of clean electricity sources, as the fossil fuel industry no longer sees renewable energy and its supporters as “enemies”.
The graphic below – prepared by the specialized energy platform – monitors the most prominent Egyptian achievements in the renewable energy sector during the past year (2022), and projects under development:
At the same time, the Egyptian Minister of Petroleum and Mineral Resources warned of the economic and political repercussions of the rapid energy transition.
He added that fossil fuels play a major role so far in energy markets, even among economies with environmental awareness, and he touched on the fact that the Russian invasion of Ukraine last year (2022) and the forced European countries to search for alternatives to Russian fossil fuels proved this.
According to the Egyptian Minister of Petroleum, the global energy sectors were not ready to abandon fossil fuels in the aftermath of the outbreak of the war, noting that if alternative fuels were able to meet demand, the markets would not suffer from an energy crisis.
time frame
The Egyptian Minister of Petroleum said that there is a need for a time frame that allows energy transition and the development of alternative sources, and he expressed optimism that the parties calling for energy transition and reducing fossil fuel emissions will agree at the same time, which will accelerate the pace of transformation.
Al-Mulla stressed the need to diversify energy sources and increase supplies to allow the availability of several options for demand, stressing the need for a dialogue that includes all concerned parties, as happened during the Climate Summit COP 27 in Sharm El-Sheikh, Egypt, last November.
With regard to the local role, the Egyptian Minister of Petroleum stated that his country is moving forward towards implementing energy transition plans, taking advantage of cleaner fossil fuel resources and gas as clean energy that contributes to the energy transition process, according to what was reported by the ministry’s official page on the social networking site Facebook.
He explained that reliance on gas has been expanded in several sectors, including homes and transportation, with the aim of ensuring cleaner and more sustainable energy supplies.
The chart below – prepared by the specialized energy platform – reveals the volume of Egyptian liquefied gas exports from the Damietta station during the past year (2022), according to OAPEC data:
gas supplies
The statements of the Egyptian Minister of Petroleum, Eng. Tariq Al-Mulla, to the Washington Times, coincided with the files presented on the sidelines of his meeting with officials of the US Department of Energy today, Saturday, March 11.
Energy supplies to Europe and oil and gas exploration were among the most prominent files for discussion between the Egyptian minister and US officials, along with work to accelerate the pace of investment in green transition and combating climate change.
The consultations between the two parties did not hinder the mechanisms for reducing emissions during the post-COP 27 climate summit, especially the emissions of the oil and gas industry.
El-Molla touched on the efforts made by Egypt to meet the European demand for energy, noting that the launch of the Eastern Mediterranean Gas Forum in 2018 and the regional efforts to bring about integration that allows for the development of gas resources in the region and benefiting from them was a proactive step that supported Egypt’s role in facing the challenges of global energy markets.
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