The Secretary General of the Petroleum Exporting Countries Organization (OEPEC), Haitham Al Ghais stated that the oil industry needs $12 trillion of investments by 2045, at an average of $500 billion annually, emphasizing the importance of investments as a pillar of economic activities, access to energy, and the energy market’s stability.
He further called all the entities concerned with the climate change issue to add another perspective to their efforts and collaborate towards the energy transition to ensure energy security for all.
Moreover, the Secretary General highlighted that Egypt’s remarkable hosting of COP27 led to establishing of a strategic platform in support of a balanced and equitable energy transition, looking forward to COP 28, which the UAE, an OPEC member will host to be a new opportunity for identifying collaborative and sustainable solutions.
In conclusion, Al Ghais extended thanks to President Abel Fattah Al Sisi and Minister of Petroleum, Tarek El-Molla for providing an opportunity for exchanging views, insights, and prospects during EGYPS.
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