Egypt and the UAE Sign MoU for Petroleum Cooperation
Egypt and the United Arab Emirates signed a memorandum of understanding (MOU) to foster cooperation in the field of petroleum. The agreement aims to enhance energy security and explore new trading opportunities in the Mediterranean region.
The MoU includes potential for:
Supply of petroleum products: The existing partnerships of the Fujairah Company with global suppliers of oil and gas companies will be utilized to supply petroleum products to the Egyptian market.
New logistics zone: A new logistics zone for trading in the Mediterranean region will be established with an estimated investment of $3 billion.
The signing ceremony took place at the Egyptian government headquarters in New Alamein City. This step is part of Egypt’s strategy to strengthen its position as a regional center for trading crude oil and petroleum products.
The MOU also highlights the importance of exploiting existing infrastructure and facilities for trading petroleum products. The Egyptian Ministry of Petroleum and Mineral Resources expressed its commitment to maximizing Egypt’s potential in this sector.
The signing was witnessed by Egyptian Prime Minister Mostafa Madbouly and was signed by representatives from the Egyptian Ministry of Petroleum and Mineral Resources and the Emirate of Fujairah.