Egypt's petroleum minister, Siemens discuss investments

According to the Ministry of Petroleum and Mineral Resources, El-Molla and Siersdorfor also discussed the sharp volatility in current global prices and their impacts on countries’ economies.

During the meeting, El-Molla pointed out Egypt’s importance as a regional energy hub in the Eastern Mediterranean, underscoring the need to take advantage of its distinguished geographical location, especially during the current energy transition period.

He also stated that the green energy industry and markets are still emerging, noting that they need advanced technologies and further development.

The petroleum minister said Egypt is engaged in a great partnership with German engineering and technology group Siemens and its affiliated agencies.

This partnership has resulted in creating many success stories, El-Molla said, noting that there are opportunities to bolster this cooperation in the field of oil and gas.