Petroleum Minister Tarek El-Molla had talks with Francis R. Fannon, the Assistant Secretary for the Bureau of Energy Resources (ENR) at the US Department of State, on means of promoting bilateral cooperation in the petroleum and natural gas scores. The meeting took place on the fringe of the CERAWeek - the World's Premier Energy Event - in the US. In a statement on Tuesday, Molla said Egypt has taken steps to become a regional energy hub, adding that this would offer great investment opportunities. Meanwhile, Fannon hailed the achievements Egypt has reached in the field of oil and natural gas industry, adding that this would incentivize US companies to boost investments in Egypt. He highlighted the key role played by Egypt in developing natural gas resources in Eastern Mediterranean region through implementing mega projects in this field. Molla attended a plenary meeting of the American Chamber of Commerce and Apache company. During the meeting, Mulla spelled out the ministry's strategy to improve the investment climate and realize sustainable development goals. Molla noted that the ministry launched the first tender in the field of oil and natural gas exploration in the Red Sea area in view of the international companies' interest in pumping investments in the area. Molla expounded the achievements realized over the past period, making the oil and natural gas sector one of the largest contributors to economic development in Egypt. He said the sector contributes by about 25 percent to the gross domestic product and 44 percent to foreign direct investments. Molla also held a meeting with Apache CEO John J Christmann and the company's leaderships on the company's action program in oil and gas exploration in the Western Desert. The talks also tackled means of boosting the company's investments in Egypt. Molla and Christmann underlined that up-to-date technology would be used to step up oil and natural gas exploration in order to up the oil output. Molla also held a meeting with OPEC Secretary General Mohammed Barkindo and UAE Energy Minister Suhail Al Mazroui on a host of issues of mutual concern, topped by the latest developments in international oil markets.
