The Ministry of Petroleum and Mineral Resources (MoPMR) and the Government of the Emirate of Fujairah in the United Arab Emirates (UAE) has started implementing the terms of the cooperation agreement signed between them last August, as the Egyptian terminal received the first oil tanker under this agreement.

Minister of Petroleum and Mineral Resources Karim Badawi explained that this cooperation comes within the framework of developing Egypt’s status as a regional Hub for energy and oil trading, as well as investing in the distinctive oil & gas infrastructure of the existing terminals as well as facilities and developing them.

The scope of cooperation between the two parties, according to the terms of the agreement, includes transferring the experience of developing the Port of Fujairah and establishing a petroleum logistics zone in the Hamra Port area on the Mediterranean Sea, investing in Egypt’s distinguished geographical location and the distinguished infrastructure of the petroleum sector in the Hamra Port and trading petroleum products through the port’s facilities. It also includes supplying petroleum products to cover part of the local needs.

Badawi expressed his pride in initiating the first phase of cooperation between the two sides, setting the stage for finalizing the terms to transform the Hamra Port area in the Mediterranean into a logistics hub for petroleum product trading. This collaboration paves the way for new opportunities between Egypt and the UAE in the petroleum sector.