CAIRO: As oil prices continue to rise and the global energy crisis gains momentum, Egypt turned its attention this week on ways the Developing Eight (D8) member states can cooperate to tackle these issues.
Minister of Petroleum Sameh Fahmi met with Dipo Alam, secretary general of the D8 organization, to discuss ways member states can cooperate in the domain of petroleum as well as ways to attract investments in oil, gas and renewable energy projects.
The D8 – which includes Egypt, Nigeria, Indonesia, Malaysia, Iran, Turkey, Pakistan and Bangladesh – held a two-day workshop on Monday, hosted by Egypt, to discuss new and renewable energy issues and their impact on sustainable development.
“We discussed the establishment of an oil and gas strategic studies center for the organization in Egypt, in light of the growing importance of energy issues worldwide along with founding a secretariat for the group’s member states, to be headquartered in Egypt, Alam said following his meeting with Fahmi on Monday.
“It is important for us to boost cooperation with the D8 Organization in light of their effective role in the international market and their announced energy agenda that is coherent with ours, Fahmi said.
The D8 organization is the largest group in size – in terms of population and economic resources – comprised of developing countries with an important role in the international petroleum trade process.
Recent energy hikes have led Egypt to increase the price of petroleum, a decision that was met with much chagrin by citizens.
However, the ministry told Daily News Egypt that this is in line with what many of the D8 are doing: reviewing their energy subsidies to cope with the current price increases.
Egypt will never cut subsidies completely, but the current international situation mandates that the system be revised, the ministry said.
The minister also held a joint session with the US Congress delegation, headed by Nick Rahall, Democratic Congress representative of West Virginia. The meeting discussed the world oil market status, sharp fluctuations in world crude prices as well as international energy issues and securing its supplies.
The US delegation acknowledged that the latest energy policies applied in Egypt are in line with changes in the global market.
