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Egypt Independent
16-04-2025
- Business
- Egypt Independent
Egypt, OAPEC discuss plans for Arab energy unity
Minister of Petroleum and Mineral Resources Karim Badawi held discussions with Jamal Al Loughani, the Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC), focusing on enhancing Arab integration in the fields of oil, gas, and energy, ongoing efforts to restructure OAPEC and the launch of new initiatives aimed at developing the organization's functions and impact. Egypt reaffirmed its full support for OAPEC's development and restructuring efforts, viewing them as a fresh starting point for the organization, according to a statement by the petroleum ministry on Tuesday. The minister emphasized the importance of leveraging these efforts to deepen regional cooperation among Arab countries in the energy sector and highlighted the potential for joint ventures and strategic partnerships that could bring mutual benefits, accelerate development, and optimize the use of resources and expertise across member states. During the meeting, the minister outlined the main pillars of Egypt's petroleum strategy, which include increasing production, making better use of infrastructure, modernizing the mining sector, diversifying energy sources for an optimal energy mix, improving energy efficiency, enhancing safety standards, and reducing emissions. He noted that these pillars provide a solid foundation for expanded Arab collaboration and the creation of new energy partnerships. The minister also proposed establishing a 'Center of Excellence' under the renewed OAPEC framework to serve as a hub for knowledge-sharing among member states, helping them capitalize on their individual strengths and achieve greater economic returns and shared value. A shared Arab vision for green energy was also discussed. The minister highlighted the opportunity to collectively market and transport surplus green energy to European markets, taking advantage of Egypt's strategic geographic location as a gateway to Europe, saying this aligns with the growing ambition across the Arab world to invest in renewable energy projects. Successful models of Arab energy cooperation were highlighted, including the SUMED pipeline, which facilitates the transport of Arab crude oil through Egypt to Europe, and the Egypt–Saudi Arabia electrical interconnection project, a prime example of integrated regional energy infrastructure. In response, the OAPEC chief expressed his appreciation for Egypt's ongoing support and strategic vision for the energy sector. He commended the country's comprehensive approach and emphasized the value of incorporating Egypt's experience into OAPEC's restructuring plans. Loughani also presented the progress made by the OAPEC Secretariat in collaboration with a joint team of experts from member states. This includes steps toward restructuring the organization to keep pace with global energy challenges and launching initiatives to strengthen resilience and collaboration. He stressed the need to utilize the capabilities and resources available in Arab countries, expand future cooperation projects, and promote knowledge transfer, joint research, and partnerships with academic institutions. The secretary general's visit to Cairo also includes meetings with several key entities in the Egyptian petroleum sector, including the Egyptian Natural Gas Holding Company (EGAS), the Egyptian Petrochemicals Holding Company (ECHEM), and Enppi, which is currently conducting training programs in collaboration with OAPEC. He will also visit the Arab Petroleum Pipelines Company (SUMED) to explore further areas of cooperation.
Egypt Independent
19-03-2025
- Business
- Egypt Independent
Petroleum Ministry: SUMED profits hit $192mn in 2024
The Arab Petroleum Pipelines Company (SUMED) has achieved net profits estimated at 192 million dollar in 2024, with a return on paid-in capital of 32.1 percent. The Ministry of Petroleum and Mineral Resources, in a statement issued on Tuesday, said that SUMED has successfully increased its paid-in capital by 400 million dollars to record 600 million dollars, realizing a capital recovery rate of 12.4 times. The Petroleum ministry has attributed SUMED success to the wise strategic management, meticulous planning, and having a clear investment vision. Addressing the general Assembly meeting of SUMED, Minister of Petroleum and Mineral Resources Karim Badawi hailed the company as one of the successful Arab investment models. The minister highlighted the company role in securing oil supplies and turning Egypt into a regional and international hub for the trade of energy. Meanwhile, SUMED Chairman and Managing Director Mohamed Abdelhafez, indicated that the company was able to achieve eight million safe operating hours, thanks to adherence to the occupational health and safety standards.
