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Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, confirmed that the oil and gas industry has witnessed great changes and challenges during the past years that pushed it to keep pace with changes and development, which showed the importance of establishing regulatory entities to play a fundamental role in ensuring the effectiveness of regulating energy markets and reducing the impact of these challenges and fluctuations, whether in pricing energy or security of supplies to protect consumers and ensure the continuity and sustainability of economic activities.

During the minister’s opening speech before the (34)th General Assembly of the Mediterranean Energy Regulators (MEDREG), which includes independent regulatory entities and bodies to regulate energy affairs in the Mediterranean region.

The GA was held in Cairo for the first time in the presence of Petrit Ahmati, the President of MedReg, Engineer Karem Mahmoud, executive chairman  of Gas Regulatory Authority, Vice President of MedReg, and MedReg`s representatives.

Al-Mulla pointed out that the holding of this assembly in Egypt, days after the end of the COP27 climate summit in Sharm El-Sheikh, confirms the role of Egypt plays as a strategic partner and a focal point for the global energy agenda, especially in the Mediterranean region, and that Egypt is always ready to cooperate with neighboring countries to achieve prosperity for people, especially in the region. The Mediterranean, which is moving towards a bright future as a reliable source of energy resources, especially natural gas, which is the main driver of energy transition processes, and that the region has already recently proven to be a key player in energy security of  supplies to all Europe and the worldwide . The minister added that the organization is an important regional and international entity in the field of energy and proves its importance as a platform for serious and effective dialogue and cooperation to support harmonization of energy policies and provide viable initiatives and potential solutions to maintain the stability and availability of energy for all member states in the Mediterranean region, stressing that the meeting is a great opportunity to emphasize the importance of the benefit of long-term constructive cooperation between countries. The minister pointed out that Egypt has  established the Egyptian Gas Market Regulatory Authority several years ago, which shows the extent of the Egyptian government’s desire for real reform and development of the Egyptian gas infrastructure and as an important step towards the transition to clean energy, reducing emissions, achieving sustainability, and transforming into a regional energy hub within Egypt’s Vision 2030, which focuses on energy. As a main supporter of sustainable economic development, appreciating the efforts made by the entities concerned with energy affairs to overcome challenges and provide a better future for the energy industry, Karem Mahmoud stressed that the support of the Ministry of Petroleum and Mineral Resources for the gas regulatory authority contributed to submitting payments to GasReg and hosting the General Assembly of energy regulators in the Mediterranean region in Egypt for the first time, which contributes to supporting regional dialogue and cooperation between the countries of the organization. While the head of the organization indicated that the establishment of the Organization of Energy Regulators in the Mediterranean region came at an important time to coordinate policies in a vital field, which is the energy sector, which currently attracts the attention of the countries of the world as a whole, especially during that period, and we aim to ensure energy supplies and their sustainability. It is noteworthy that the Mediterranean Energy Regulators Organization (MEDREG) is a huge regulatory entity that includes (27)regulatory authorities for the energy sectors in (22) countries of the European Union, the Balkans, the Middle East and North Africa. Some, as it works to provide a transparent, stable and compatible regulatory framework in the Mediterranean region with the aim of enhancing infrastructure investments, consumer protection, and strengthening Euro-Mediterranean cooperation in the energy field.