Arab Foreign Ministers in 87th OPEC meeting

Source: The Cabinet of Ministers 12/27/2011, Location: Africa

Prime Minister, Dr. Kamal Al-Ganzoury held meeting with Arab Foreign Ministers participating in the 87th meeting of the Organization of Petroleum Exporting Countries (OPEC), in attendance of Ministers of Planning and International Cooperation and Petroleum, as well as OPEC General Secretary, and General Secretary of the Cabinet of Ministers. The meeting discussed means to support and increase joint Arab cooperation in petroleum, gas and petrochemicals.

The meeting discussed means to discuss establishment of joint petroleum projects among OPEC members, to contribute in establishing integrated Arab economic basis and gives strong push to the Arab petroleum industries aiming to achieve economic growth.

Dr. Al-Ganzoury meeting with OPEC member countries considers as a strong message referring to security regain in streets, showing that Egypt will always be safe within the current conditions witnessed.

The petroleum sector considers as a sensitive sector and changes with lowest the political and economic factors, the Petroleum Minister, stating that some countries will enter the petroleum market upon long stoppage such as Libya and Iraq.

The Minister of Petroleum mentioned that meetings of OPEC considers as a real opportunity to provide various investment opportunities especially that Egypt has many chances for investments in the petroleum sector and the gas purchase contracts will be amended as soon as possible.

Distribution of gas cylinders are being studied in accordance to supply IDs or coupons especially that subsidy volume of gas cylinders amounted to EGP 15 billion only few of them directed to needy people.

Petroleum Minister confirmed that natural gas was connected to all countries except for New Valley, adding that the gas connection problem is not due to its shortage, confirming that 5 million housing units nationwide has natural gas. He went on to say that there is planning to connect gas to 10 million housing units over the 10 coming years.

The petroleum sector did not receive any state subsidy since long time, the minister said, and announcements of Dr. Al-Ganzoury concerning debts of the sector amounting to EGP 61 billion aimed at showing the difference between us and other countries which mainly depend on such sector as national income.

The Minister stated that expenditure rationalization in ministries will reach 3% for each, and main requirements of people will not be touched. He noted that protests witnessed before the General Authority for Investments and Free Zone by some Petrojet employees was related to administrative problems including employment.


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