January 13, 2020

OME Annual Conference in Cairo on «Energy hubs between technology and climate: Optimizing Mediterranean and African energy markets»

The event, under the high patronage of HE Eng. Tarek El Molla, Minister of Petroleum & Mineral Resources, w as officially opened by HE the Minister, who warmly thanked the OME for the organization and for providing the opportunity to discuss such an important and interesting topic. HE the Minister addressed a keynote speech shedding light on the available opportunities of creating a regional energy hub in the Mediterranean region and Africa, where the energy potential can act as the catalyst for further cooperation in the region and pave the way to more opportunities for new partnerships and market integration.

In this context, HE the Minister underlined that Egypt’s goal is to play a role in global energy trade flow and to foster an environment that simulates better trade and business links among countries to ensure collaboration and alliance. However, becoming an energy hub requires huge efforts, recalled HE the Minister, and Egypt already took several bold steps on a technical and commercial level launching a vast number of projects, and on the political level, by initiating the establishment of the East Med Gas Forum, a platform to embrace sustainable policy dialogue on cooperation to facilitate the successful development of the Eastern Mediterranean gas value chain. In his conclusion, HE the Minister stressed that cooperation within the Mediterranean is, and will remain in the years to come, at the top of Egypt’s priorities to ensure a stable energy market, promote peace and regional welfare, and create an area of stability and shared prosperity.

This was followed by a debate between the representative of HE Eng. Mohamed Shaker El-Markabi, the Egyptian Minister of Electricity and Renewable Energy, Mr. Ahmed Mohamed Mehena, the Chairman and CEO of the Algerian utility Sonelgaz, Mr. Chaher Boulakhras as representative of HE Minister Mohamed Arkab, Algerian Minister of Energy, and the Chairman of OME, Mr. Moncef Harrabi. During the debate, the panelists shared their views of the issues outlined by this conference, and discussed the critical challenges to effective optimization of energy markets in the area, taking into consideration technology aspects, market challenges and climate change, in the context of energy transition.

The conference was articulated in three sessions dealing with: (i) Technological innovation in the energy industry and potential contribution to the energy transition in the Mediterranean and Africa; (ii) The role of electricity and natural gas in the energy transition: market development and interconnections for multiple energy hubs in the Mediterranean and Africa; (iii) Financing of energy projects and evolving business models in the Mediterranean and Africa.