Yemen seeks to benefit from Egypt to search for oil in the Red Sea
English - Wednesday 13 October 2021 الساعة 03:36 pm
Aden, NewsYemen, special:
Abdel Salam Baaboud, Minister of Oil and Minerals, affirmed that Yemen seeks to benefit from the Egyptian experience in searching for oil and gas in the Red Sea, and its success in liberalizing the gas market, attracting investments, exploration, production and export of natural gas.
Baaboud said, during a meeting with Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla, in Cairo, within the framework of the government's official visit to Egypt, which began on Sunday, that Egypt's successes in the petroleum sector are factors that push the partnership between the two sides to wider horizons and achieve maximum benefit. possible.
According to a press statement by the Egyptian Ministry of Petroleum and Mineral Resources, Egypt affirmed its readiness to provide all the capabilities it can offer to Yemen in various petroleum and mining activities to contribute to the advancement of the oil and mining sector in Yemen after the challenges it has gone through during the past years.
The Egyptian Minister of Petroleum, Engineer Tarek El-Molla, offered cooperation with Yemen through the companies for designing and implementing petroleum projects "Enppi, Petrojet, Sun Misr, Petroment", which gained great experiences locally and abroad and implemented major projects at a distinguished level.
During the meeting, the Egyptian minister reviewed the solutions implemented by Egypt to overcome the energy challenges resulting from the period of instability in the period from the beginning of 2011 to 2014, which had a significant impact on the local market and the national economy.
He referred to what Egypt had achieved in the fields of research, exploration, refining, rationalizing petroleum product subsidies and the participation of the global and local private sector.
Egypt has achieved great successes in the oil and gas sectors over the past years, and the growth rate of the Egyptian petroleum refining sector reached 17.3% during 2019/2020, according to data from the World Bank.
The Yemeni Ministry of Oil and Minerals announced in 2013 that it would offer offshore oil sectors “in the Red and Arab Bahrain” for investment, but the Houthi militia coup against the state in late 2014, disrupted development and investment plans in the country, destroyed the people’s gains, and set Yemen back decades.
