Egyptian Oil Minister Tarek El Molla believes that natural gas reserves in the eastern Mediterranean can help maintain energy security in Europe.
During his participation in the Eastern Mediterranean Gas Forum’s Energy Transition Conference in the Cypriot capital of Nicosia, Tarek El Molla pointed out “the need to provide financing from the European Investment Bank and the European Bank for Reconstruction for investment in the development of these reserves. and their full use in such a way as to ensure the motivation of investors and the speed of securing energy supplies in the light of the importance that the Eastern Mediterranean has acquired.
He clarified that “providing financing does not mean commercial financing, but different financing on concessional terms from those financial institutions of the European Union”, noting that “it helps to accelerate and maximize the benefit of gas reserves.”
The Egyptian minister stressed that “these efforts are parallel to other important efforts to create a green corridor between the eastern Mediterranean and Europe, focusing on the provision of hydrogen, electricity and renewable energy”, stressing that “work on the two tracks should go in parallel.” to provide energy.”