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Middle East gas reserves can be a catalyst for peace, Egypt minister says


Added 01-29-19 03:02:02am EST - “Gas reserves in the Middle East can create opportunities for employment, business and peacemaking, according to Egypt's petroleum minister.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Middle East gas reserves can be a catalyst for peace, Egypt minister says”. Below is an excerpt from the article.

Gas reserves in the Middle East can create opportunities for employment, business and peacemaking, according to Egypt's petroleum minister.

Amid a push by Egypt to transform itself into a regional gas hub, the country hosted the East Med Gas Hub earlier in January and gathered officials from Israel, Cyprus, Greece, Jordan, Italy and Palestine. Speaking Monday at the BHGE Annual Meeting in Florence, Italy, Egypt Petroleum Minister Tarek El-Molla told CNBC that the commodity can aid the peace process in the region.

"We were very proud to host the Palestinians the Israelis, sitting together in one room, on the roundtable together with other neighboring countries like Greece, Cyprus, Jordan and Italy," he told CNBC's Steve Sedgwick.

"So the benefit will be there and the welfare will cover all the countries because gas will be the cause of the revenues to generate opportunities, job opportunities, business opportunities and it will bless all the people there (in the Middle East) hence it is the catalyst and it will be the peacemaker really," he added.

Cairo is expected to become a net gas exporter by the end of 2019 and El-Molla noted that the country is seeing outside interest into the sector — particularly after the success of Egypt's Zohr gas field, an offshore natural gas field in the Mediterranean Sea operated by Italian energy firm Eni.

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