Speaking at the opening ceremony of the 8th Mediterranean Offshore Conference & Exhibition, Tarek El Molla, Minister of Petroleum and Mineral Resources, said that Egypt is committed to continue the development of private investment climate in the oil and gas industry to support cooperation with international oil companies, the ministry said in a statement, Egypt Oil&Gas reported.

This is an important factor to meet current requirements needed to push the process of economic development and secure the future of the energy, El Molla affirmed. The Egyptian oil sector is seeking to create an efficient model for investment, said the minister, adding that in light of the huge challenges concerted efforts are needed to tackle them.

The Oil Minister reviewed a number of challenges facing the petroleum sector and stated that the most important one is the fuel subsidy bill, a significant increase in demand for energy, the current energy mix dependency on oil and gas, aging infrastructure, refineries and the accumulation of entitlements to foreign partners.

El Molla also pointed out that the Ministry of Petroleum has adopted a number of measures and policies to support the energy sector in the framework of the in the framework of the government’s plan based on new energy strategy aiming at ensuring security and sustainability.

This year’s MOC was opened in the presence of Engineer Mohammed Abdul Zahir, Governor of Alexandria and Engineer Innocenzo Titone, the President of the OMC 2017, heads of companies such as Italy’s Eni, BP, and Edison as well as a group of heads of other international oil and gas companies working in Egypt.