The Minister of Petroleum witnesses the signing of three energy agreements with the Emirate of Fujairah

Egypt signs 3 agreements with the Emirate of Fujairah

The Minister of Petroleum witnesses the signing of three agreements with the Emirate of Fujairah

As part of enhancing Egypt's role as a regional hub for energy trade and circulation, Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, and Mohammed Saeed Al Dhanhani, Director of the Emiri Court in the Emirate of Fujairah, UAE, witnessed the signing of a cooperation agreement to establish an Egyptian joint-stock company to establish a logistics zone for the storage and circulation of crude oil and petroleum products in the Mediterranean Basin in the El Alamein region.

The project aims to develop the Al Hamra Port within the framework of cooperation and integration with the Fujairah Oil and Gas Corporation. The cooperation includes the transfer of expertise and the application of the latest systems and technologies, enhancing its efficiency and raising it to international standards.

The project is one of the pillars of implementing the regional cooperation axis and supporting Egypt's role as a regional hub for energy trade and circulation, as part of the Ministry of Petroleum's strategy, which aims to strengthen international partnerships in this field, achieving economic benefits from its infrastructure and distinguished geographical location.

The two sides also signed a contract to store crude oil at the storage facilities of the Al Hamra Petroleum Port in New Alamein. This will maximize economic benefits and returns from Egyptian infrastructure, in line with the second axis of the Ministry of Petroleum and Mineral Resources' strategy, and capitalize on the port's unique location and advanced infrastructure to become a strategic center for storing and transporting crude oil. A commercial agreement was also signed to supply petroleum products to the Egyptian General Petroleum Corporation (EGPC).

Following the signing, a meeting was held with representatives from both sides. During the meeting, the Minister highlighted Egypt's aspirations to implement strategic projects to enhance cooperation between Egypt and the UAE in the oil and gas sector.

For his part, His Excellency the Director of the Emiri Diwan in Fujairah highlighted the UAE's keenness to invest in the Egyptian energy market and implement long-term strategic projects that reflect the strong relations between Egypt and the UAE.

The Minister was accompanied by Eng. Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC); Eng. Wael Lotfy, Head of the Central Projects Department at the Ministry; Dr. Mohamed El-Bagoury, Supervisor of the Central Administration for Legal Affairs at the Ministry; and Eng. Ibrahim Masoud, Chairman of the Western Desert Petroleum Company (WEPCO).