How did Egypt take advantage of the Russian war to diversify energy sources?
The Italian energy giant «Einy» is currently racing against time to achieve the discovery of a huge new natural gas field in Egypt during the coming period.
Shrouq
Wafa Ali, professor of economics and energy, commented on the "Global Petrol Price" report, which stated that fuel prices in Egypt are lower than in Europe and America.
She confirmed that the energy file receives great attention from the state regarding oil and gas.
She added that the state has developed a strategy to diversify energy sources to ensure sustainability, especially in light of the global crisis after the Russian-Ukrainian war and the resulting fuel crisis.
· Increased oil production
She explained that the increase in refining capacity worked to increase oil production, confirming that the state has its own mechanisms and methodology for following up on the global market and monitoring price movements.
She pointed out that the state did not leave its citizens in the wind, and therefore there is still support for fuel, especially since Egypt has a methodology that it seeks, which is to be self-sufficient in petroleum derivatives by the end of this year, just as it has achieved sufficiency in gas.
On a related level, Ramadan Abu Al-Ala, professor of energy engineering, said that there is a state of confusion that the world is witnessing in determining oil prices in general, and the prices of petroleum derivatives in particular, as a result of several factors, the most important of which is the Russian-Ukrainian war and the recession that the world is witnessing due to the disruption in the supply chains
Abu Al-Ala added that Egypt is considered one of the cheapest countries in the prices of petroleum derivatives, especially because it takes into account the social dimension of its citizens, and the price of petroleum derivatives is determined through the pricing committee that meets every period.
· Discovery of a natural gas field
On a related level, the Italian energy giant «Einy» is currently racing against time to achieve the discovery of a huge new natural gas field in Egypt during the coming period.
· Natural gas exports
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, said that Egypt is considered a "ready solution" to provide energy supplies to Europe, noting that Egypt is working on plans to increase its exports of liquefied natural gas to meet the growing global demand for it.
Al-Molla said that Egypt exported 7.5 million tons of liquefied natural gas last year, and that 80 percent of these quantities went to Europe.
Since the Russian-Ukrainian war, the major European countries have turned to their neighbors in the southern Mediterranean, especially Egypt, Algeria and Libya, in order to compensate for the lack of Russian gas supplies.
The minister said that Egypt has proven to its partners in Europe that it is a "reliable source of energy", as it exports its surplus gas through the two desalination plants on its coasts, which have a production capacity of 12 million tons per year.
