Egyptian Prime Minister Mostafa Madbouly held a meeting with Minister of Petroleum and Mineral Resources Tarek El-Molla.

El-Molla detailed Egypt’s approach to attracting foreign investment in the coming fiscal year, with the aim of increasing the share of renewable energy in the national energy system to 42 per cent by 2035. This is reported by
Daily News Egypt, a partner of TV BRICS.

He mentioned the ongoing efforts to secure foreign exchange for the main components of the project, which is crucial for the development of the gas industry.

Previewing 2024, El-Molla underscored the sector’s dedication to finishing initiatives that will enhance oil and gas output. He highlighted the accomplishments of the projects completed in 2023, which will introduce new crude oil and natural gas sites in the nation.

Moreover, the discussion addressed the recent meeting between Egypt’s Ministry of Petroleum and Mineral Resources and Ecuador’s Ministry of Energy and Mines.

The memorandum of understanding that was signed sets the foundation for collaboration in different energy domains, enabling Ecuador to leverage Egyptian proficiency in gas distribution, vehicle conversions, and the setup of compressed natural gas stations.

Photo: Daily News Egypt