Egypt and the Emirate of Fujairah signed an agreement on Thursday to establish an Egyptian shareholding company responsible for developing a logistics zone in the Mediterranean basin at El-Alamein. The project aims to store and trade petroleum products in the Mediterranean, and involves upgrading and expanding El-Hamra Port in cooperation with the Fujairah Oil and Gas Corporation.

The agreement was signed during Minister of Petroleum and Mineral Resources Karim Badawi’s visit to the UAE, where he met with Hamad Bin Mohammed Al Sharqi, Ruler of Fujairah and Supreme Council Member, to discuss opportunities for cooperation and expanding investments in the energy sector.

A second agreement was signed for storing crude oil at El-Hamra Port’s facilities. The deal is expected to maximize economic returns from Egypt’s infrastructure and leverage the port’s advanced facilities and location, said Badawi.

Currently, the port, located about 120 km west of Alexandria, is seeing the construction of four new crude oil tanks in the northern area. They aim to boost the production capacity from 2.8 to 5.3 million barrels. In addition, a fully integrated zone is being established in the southern area for the storage, handling, and loading of petroleum products, with a total capacity of 130,000 tons. It will be implemented in two phases. The first will be completed by the end of this yeara nd includes two diesel storage tanks. The second will be completed in the second quarter of next year and includes six tanks for gasoline, diesel, and jet fuel.

Both sides have also signed a commercial agreement to supply petroleum products to the Egyptian General Petroleum Corporation (EGPC).

During the meeting, Al Sharqi emphasized the deep-rooted political and economic ties between the two countries and highlighted the major projects underway across various sectors, particularly real estate, tourism, oil, gas, and natural resources in Egypt.

In July 2025, MoPMR signed a memorandum of understanding with Abu Dhabi Ports Group and TCM Project Manager LLC to explore joint operation and development of crude oil storage facilities. The ministry also signed other MoUs, including one with China’s United Energy Group (UEG) to attract oil, gas, and renewable investments, and two MoUs with UAE-based International Resources Holding (IRH) in mining and petroleum financing.