Minister of Petroleum and Mineral Resources, Tarek El Molla disclosed during his participation at Shaping a Pragmatic and Realistic Energy Future session on the sidelines of the Egypt Energy Show (EGYPES) 2024
Egypt is currently updating its energy strategy to increase the percentage of renewable energy within its energy mix to 60% by 2030 up from its previous targe of 42%.
Minister of Petroleum and Mineral Resources, Tarek El Molla disclosed during his participation at Shaping a Pragmatic and Realistic Energy Future session on the sidelines of the Egypt Energy Show (EGYPES) 2024.
El Molla pointed to the implementation of the automatic fuel pricing mechanism, which led to the rationalization of fuel consumption and increasing the production and use of natural gas as a cleaner fuel in all stages of the value chain.
He indicated that Egypt also launched the national hydrogen strategy, in addition to the developing of governance system for use through the National Council that was established to manage the hydrogen industry.
Recently, El Molla stated during the opening session of 7th edition of EGYPES 2024, that the petroleum sector in collaboration with its global partners, is working to boost production rates and increase oil and gas reserves through a comprehensive drilling and exploration plan until 2030.
The plan also includes enhancing crude oil refining capacities and bolstering petrochemical production, with a total investment of approximately $17 billion.
