With hundreds of exhibitors from all over the world, the sixth session of the Egypt Petroleum Show (EGYPS), one of the major oil expos in the Middle East and North Africa, began on Sunday (Feb. 12, 2023) in Cairo, the capital of Egypt.
Abdel-Fattah al-Sisi, the president of Egypt, and executives from major international energy, oil, and gas corporations were present at the three-day expo’s opening ceremony.
The expo, which will feature more than 500 exhibitors, is anticipated to draw more than 32,000 visitors who will discuss ideas, form alliances, transact business, and look into strategies and solutions that could transform the world’s energy markets.
EGYPS, according to Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, is a forum for sharing ideas and showcasing noteworthy initiatives to support regional and international integration and cooperation in the oil and gas industry. He made this statement during the opening ceremony.
In addition to posting a surplus in the oil trade balance for the third year in a row, the minister disclosed that Egypt’s oil exports climbed in 2022 to reach 18.2 billion US dollars.
According to the Egyptian Ministry of Petroleum and Mineral Resources, between 2014 to 2020, investments in Egypt’s oil and gas sectors totaled 74 billion dollars.
After significant discoveries were made in recent years, including the Zohr gas field in the Mediterranean, which is thought to contain 30 trillion cubic feet of gas, Egypt now wants to become a regional hub for the trade of oil and liquefied natural gas.