Egyptian Prime Minister Mostafa Madbouly said the Russian-Ukrainian crisis is affecting various energy sources around the world, which makes it imperative to implement a plan to rationalize energy consumption of all kinds, whether it be electricity or natural gas.
During a cabinet meeting in the new city of El Alamein on Thursday, he stated that gas exports can generate 450 million dollars per month.
He stressed that the government should set an example, by saving energy at its buildings and offices.
Egypt's economy has been greatly affected by the Ukrainian crisis, said Dr. Ezz El-Din Hassanein, economist and banking expert.
He told Asharq Al-Awsat that it was necessary for Egypt to rationalize consumption.
Egypt is meanwhile, aiming to become a regional hub for natural gas exports to the world.
Minister of Petroleum and Mineral Resources Tarek El Molla discussed with Israeli Minister of Energy Karine El Harrar the latest developments in the natural gas sector in the region and bilateral cooperation to secure part of the European Union’s energy needs.
In their videocall, the officials discussed the developments in the implementation plan of the tripartite memorandum of understanding signed between Egypt, Israel, and the European Union, in addition to the next steps assigned to the working group in coordination with the Secretariat of the Eastern Mediterranean Gas Forum.
Cairo and Tel Aviv agreed to reinforce their cooperation in order to achieve energy security in the region.
The ministers also discussed potential areas of cooperation at the COP27 Climate Summit, which Egypt will host in November.
Harrar said Egypt is an important partner for Israel in all sectors, especially energy, and hopes that the continuous cooperation will achieve energy security for the region.
She added that COP27 will highlight the importance of the region in facing the climate change crises.
