President Abdel Fattah El Sisi witnessed on Monday, 19 February 2024, the inauguration of the seventh edition of Egypt Energy Show (EGYPES) 2024 at Al-Manara International Conference Center in New Cairo.
Prime Minister Moustafa Madbouli, Petroleum Minister Tareq el Molla, senior state officials as well as industry leaders and chief executives of major energy and oil companies attended the inauguration.
The activities of the Seventh Egypt International Energy Conference and Exhibition (EGYPS 2024) will be held from February 19 to 21, 2024, under the theme: "Stimulating Energy: Securing Supplies, Energy Transition, and Emissions Reduction", with the participation of 120 countries.
President Abdel Fattah El-Sisi posed for a photo op with Prime Minister Moustafa Madbouli, Petroleum Minister Tareq el Molla and several other ministers at Al Manara International Conference Center in New Cairo ahead of the inauguration of the seventh Egypt Energy Show (EGYPES) 2024.
The event proceedings began with the screening of a documentary titled "The Importance of the Energy Sector and the Energy Transition Process," which showcased the ongoing developments in the energy field that intersect and correlate with our needs.
The film addressed the utilization of diverse energy sources for the next generation and the emergence of a new eco-friendly system that relies not only on hydrocarbons but also on a variety of energy sources.
The film featured that Egypt stands out as a regional energy hub under the wise leadership of President El-Sisi, aligning with Egypt's Vision 2030. This entails expanding infrastructure, developing major low-carbon projects, and fostering bilateral and trilateral partnerships that serve as beacons on the path to energy transition.
Following the documentary film, Christopher Hudson, President of DMG Events, the organizing company of the seventh Egypt International Energy Conference and Exhibition (EGYPES 2024), delivered a speech, expressing his gratitude for the presence of President Abdel Fattah El-Sisi and also thanked Minister of Petroleum and Mineral Resources Tarek El Molla.
He stated: "Advancing energy transition, securing supply, and decarbonizing our industry are the essence of this conference. Innovating new partnerships to support economic growth and progress, increasing supply and demand, we strive for a balance that requires collective action to foster fruitful collaboration across the industry to accelerate the energy transition, unprecedented in its scale."
He added: "We indeed have indispensable energy sources, and there are also new energies such as green hydrogen and innovations in this field, which are crucial for achieving this transformation and progress in the energy sector. Egypt plays an active and vital role as a platform and catalyst for change, innovation, and investment. Together, we work to achieve and secure a sustainable energy future."
He pointed out that discussions would revolve around policies, strategies, and building fruitful partnerships to achieve an efficient energy industry for the future in North Africa and the Mediterranean region. He added, "Egypt has a vital role in this vast ecological system... Over the past 7 years, Egypt has been taking steady steps towards fulfilling this commitment, ensuring continuous development and addressing challenges in this critical industry."
Hudson also added that "We move forward towards the future, with tremendous opportunities for dialogue, collaboration, and discussions to advance energy, build business opportunities, and foster sustainable development in the global economic sector."
For his part, Minister of Petroleum and Mineral Resources Tarek El Molla said that natural gas has been supplied to about 15 million residential units including nine million in the past nine years.
The minister said 450,000 vehicles were converted to run on natural gas, 70 percent of them were converted since the start of a presidential initiative to expand in the use of gas.
He also pointed out to the expansion of natural gas stations across the republic to reach 1,000.
The minister thanked the president for his continued support to the conference.
In his speech, President Abdel Fattah El-Sisi welcomed the participants in the Egypt International Energy Conference and Exhibition "EGYPS 2024."
President El-Sisi pointed out that when African countries, including Egypt, make commitments, those commitments are very difficult because the least that is required is low-cost financing. We are talking about high-cost technology that requires high investments."
He added that over 7 years, we managed to convert about 15 million housing units and half a million or more vehicles to operate on natural gas, which has cost the state a lot of time, effort, and money, reaffirming the Egyptian state's readiness to do more if the necessary financing is available.
President El-Sisi witnessed a panel discussion entitled: "Energies of the Future", on the sidelines of the Egypt Energy Show (EGYPES 2024) to probe advancement in energy to achieve future sustainability.
The panel comprised Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, Dette Jul Jorgenson, Director of the Energy Department of the European Union Commission, Haitham Al Ghais, Secretary General of OPEC, and Guangzhi Chen, Vice President of the World Bank for Infrastructure.
John Defterios, former emerging markets editor at CNN and Professor of Business NYU Abu Dhabi, asserted that the session focuses on industry response to decarbonization and energy transition actions.
Defterios said: "We discussed all of these matters at the COP 27 Conference of the Parties, and we touched on that in the speech of the Minister of Petroleum, Tarek El Molla," explaining that the private sector and investors will also be present to provide recommendations.
President Abdel Fattah El-Sisi commented highlighting that some advanced countries bear responsibility for exacerbating the global climate change crisis, pointing to the past and present challenges facing Egypt, including the economic crisis resulting from the repercussions of the coronavirus pandemic and the Russian-Ukrainian crisis, as well as the current situation on the borders with Libya, Sudan, and even with the Gaza Strip.
President El-Sisi added, "When I speak about the conditions in Egypt and our region and their impacts, developed countries in Europe, America, and others, when they make commitments, they can fulfill them because their organizational and economic capacities enable them to meet those commitments."
President El-Sisi pointed out that when African countries, including Egypt, make commitments, those commitments are very difficult because the least that is required is low-cost financing.
He emphasized the necessity of providing the necessary financing for low-income countries, noting that some advanced countries did not commit to implementing the pledges they made during the 2015 Paris conference for the benefit of the energy and climate sector, totaling around dlrs 100 billion.
El-Sisi said that the revenue from the Suez Canal, which used to be approximately dlrs 10 billion annually for Egypt, has decreased by 40 to 50 percent. He highlighted the commitments that the state bears with petroleum companies, development partners, and financial institutions.
He added, "In Egypt, we were losing about dlrs 9 to dlrs 10 billion annually due to poor infrastructure and roads... Over 7 years, we managed to overcome this issue through spending enormous amounts of money."
President El-Sisi directed his remarks to the European Union and the World Bank, stating that "the African continent has immense capabilities in renewable energy, including hydropower, but it needs massive funds to implement numerous projects, especially given its inability to face credit risks, as banks and financial institutions demand huge figures due to difficult economic conditions."
President El-Sisi pointed out that wealthy countries have not been affected by credit risks and have no problem with financing, unlike countries facing funding issues, which represent a huge credit risk burden. He emphasized the necessity of collective action through financial institutions and the private sector, considering the different circumstances of low-income countries, in order to achieve all the targets for the entire world.
Petroleum Minister Tareq el Molla made a keynote speech, in which he put Egypt among early countries that were committed to measures to reduce emissions.
Molla said that in 2022, President El-Sisi announced that Egypt joined the Global Methane Pledge - meant to reduce global anthropogenic methane emissions by at least 30% by 2030.
He noted that Egypt started implementing pledges of COP summits years ago.
The minister added that Natural gas was Egypt's number one choice since the beginning of energy transition, stressing that 60 percent of Egypt's energy is generated from natural gas.
He asserted that the remaining 40 percent is generated from other petroleum products.
On her part, Director of Energy at the European Commission Ditte Juul Jørgensen said: "The United Nations Climate Change Conference, COP27, was hosted in Sharm El-Sheikh, and it was a great platform to put forward the transition to clean energy as one of the steps taken by Egypt to address climate change."
She emphasized the close partnership with Egypt and dealing with the energy sector, saying: "We are capable of working together to build appropriate partnerships for rapid change that is efficient and in line with climate conditions."
On the other hand, Guangzhe Chen, Vice President of Infrastructure at the World Bank, stated: "There is a massive shift in the energy field and carbon removal, and we have made significant progress with the climate conferences (COP27) in Egypt and (COP28) in the UAE, discussing energy transition. We must focus on climate change and achieving development, two issues that must be addressed, as well as financing and alignment with supported countries."
He added that there is a link between climate change and development, and if we neglect one, we will not succeed. We have conducted a study with Egyptian authorities to achieve balanced paths for the economic sector and successful energy transition.
Also, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais affirmed that one of the important elements being worked on is market stability, and there must be clear messages to investors for everything in the industry. He said, "We are seeking transformation, but we need an organization like OPEC to support market stability."
He added: "Petroleum represents about one-third of the needs, and we need natural gas, renewable energy, and other sources in the transition phase. This is what OPEC member countries are doing, as most countries like the UAE, Saudi Arabia, and Kuwait have converted a section entirely dependent on petroleum to rely on natural gas and are ready for this transition but need new energy sources."
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President Abdel Fattah El-Sisi inspected the exhibition halls of the 7th Egypt Energy Show (EGYPES 2024).
Accompanied by Petroleum and Mineral Resources Minister Tarek El Molla, President El Sisi toured the pavilions of the companies participating in the petroleum show.
During his inspection tour, President El Sisi was detailed with the petroleum ministry's efforts in digital transformation and energy transition.
About EGYPES 2024
About 35,000 participants from 120 countries, about 2,200 members of delegations, and more than 40 Egyptian and international energy, oil, gas, and energy technology companies are scheduled to participate in the Egypt International Energy Conference and Exhibition (EGYPS 2024) this year.
EGYPS 2024 activities will witness the holding of 80 discussion sessions concerning worldwide energy dynamics, the latest industry trends, regional progress, and collective actions to achieving net-zero emissions, with the participation of more than 300 speakers.
While the accompanying exhibition, held on an area of 39 thousand square meters, also includes pavilions for 12 countries, including China, Cyprus, Germany, Greece, India, Italy, Romania, which is participating for the first time, Spain, Turkey, the United Arab Emirates, the United Kingdom, and the United States of America, in addition to 450 exhibiting companies from various countries.
For the first time, the conference is organizing the Climate Technology Challenge Forum to be a global platform for emerging companies to present their technological solutions to reduce carbon emissions before a distinguished jury of energy leaders, officials and industry experts.
The conference will host the African Energy Dialogue event, which brings together the most prominent stakeholders in the sector in Africa to discuss the most pressing challenges related to policies, legislation and natural gas infrastructure development, in addition to how Africa can exploit its rich resources in the energy sector to move the continent towards a more prosperous and sustainable energy future.
This year, EGYPES continues to embrace the themes of equality in the energy sector, finance and investment. It also organizes its annual technical conference, which aims to bring together the expertise of industry technical personnel from various countries, in addition to organizing a program for young professionals in the energy industry.
The conference allocates its annual awards to the best initiatives in the field of sustainability in the energy sector, in addition to the Energy Sector Equality Awards for the best influential elements in supporting this field.
