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East Mediterranean Gas Forum Achieves Distinct Outcomes

East Mediterranean Gas Forum Achieves Distinct Outcomes
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East Mediterranean Gas Forum Achieves Distinct Outcomes

East Mediterranean Gas Forum Achieves Distinct Outcomes

Egyptian Minister of Petroleum Tarek al-Mulla said the East Mediterranean Gas Forum (EMGF) has achieved “distinct outcomes” in regional cooperation among participating states.

“The EMGF is a model for successful regional economic cooperation,” the ministry quoted Mulla as saying during his participation via video conference in the World Economic Forum’s (WEF) Regional Energy Work Group in the Middle East and North Africa (MENA) regions.

Participants reviewed global economic dynamics and their impact on the Middle East region, as well as global investment conditions in light of the current economic conditions.

It was attended by US Secretary of Commerce Wilbur Ross, CEO of UAE’s Mubadala Investment Company Khaldoun al-Mubarak, CEO of the UAE’s Crescent Petroleum Majid Jafar, and WEF President Borge Brende.

More than 60 oil and energy ministers participated in the meeting as well, in addition to several heads of major international oil companies (IOCs) and energy experts.

Mulla briefed participants on the status of global energy markets, especially in Egypt, in light of the geo-economic conditions and the challenges posed by the pandemic.

He shared Egypt petroleum sector’s exceptional work in the past six years in various oil, gas, and petrochemical fields, noting that it has managed to contain the repercussions of the pandemic by adopting several packages for economic reform and development.

The meeting also reviewed the global economic dynamics and their impact on the Middle East and global investment in light of current economic conditions.

The Work Group was launched by the WEF in April, in response to the challenges posed by the coronavirus crisis, which significantly affected the health sector and the economy.

The Cairo-based EMGF was established in January 2019 and aims at coordinating policies on natural gas exploration to attain regional countries’ common interests.

Current members are Egypt, Cyprus, Israel, Greece and Italy. Representatives of other countries, including Palestine and Jordan, are also participating in the meetings.

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Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
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Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)

Kazakh Ambassador to Saudi Arabia, Madiyar Menilbekov, announced that his country eagerly anticipates the completion of ACWA Power’s first wind energy project in the Zhetysu region. This project, led by the Saudi company, will have a total capacity of 1 gigawatt and an investment value of approximately $1.5 billion.
ACWA Power announced last March that it would execute this project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. Construction is expected to commence in the summer of 2025.
Menilbekov told Asharq Al-Awsat that both countries “have established a solid political dialogue at a high level, along with cooperation in trade, economics, culture, and parliamentary exchange.” He expects this high-level dialogue to continue at the upcoming COP 16 summit in Riyadh.
He further emphasized that trade, economic, and investment cooperation is the cornerstone of the bilateral relationship, noting: “Both countries share a similar outlook on economic development, reflected in Kazakhstan’s Strategic Program 2050 and Saudi Arabia’s Vision 2030.”
The Kazakh ambassador highlighted that last September, the Islamic Development Bank approved financing for projects in Kazakhstan focused on water resource development, enhancing agricultural productivity, and ensuring food security, with total allocations amounting to $1.153 billion.
In tourism, he noted significant progress toward establishing direct flights between the two countries. Air Astana launched flights between Shymkent and Jeddah in October and announced a route from Almaty to Medina, bringing the total to six direct flights. Additionally, Kazakh companies in construction, oil services, and IT have recently opened offices across Saudi Arabia. The Farabi Innovation Center was inaugurated in Riyadh to attract talented entrepreneurs and innovative startups from Nur-Sultan and Central Asia to the Kingdom.
Menilbekov explained that since gaining independence, Kazakhstan’s GDP has grown 17-fold, with foreign trade reaching $139.8 billion last year. He added: “Since 1993, Kazakhstan has attracted a total of $441 billion in foreign direct investment, allowing our economy to remain one of the most dynamic in Central Asia and the post-Soviet region.”
According to Menilbekov, Kazakhstan is the world’s largest producer and exporter of natural uranium, responsible for more than 45% of global production and exports. He also noted that Kazakhstan produces 18 of the 34 raw materials identified by the European Union as “critical materials.”
Menilbekov further mentioned that Kazakhstan possesses 200 million hectares of agricultural land, with about 100 million hectares currently under regular cultivation.