Egypt has signed a memorandum of understanding (MoU) with Oman to enhance oil and gas cooperation and exchange expertise and technologies in the industry, a statement by Egypt’s Ministry of Petroleum and Mineral Resources said on September 4.

The agreement was signed by the petroleum ministry’s undersecretary, Mohamed Saafan, and the Omani Ambassador in Cairo, Ali Al-Issaie, and was attended by the Minister of Petroleum and Mineral Resources, Tarek El Molla.

El Molla highlighted that the MoU is a reflection of the distinguished relationship between Egypt and the Sultanate of Oman, reiterating that the bilateral cooperation has been cemented for a long time, given Egypt’s ongoing oil projects in the sultanate.

The oil minister indicated that the MoU is meant to expand the scope of cooperation, including projects in the field of transporting and trading petroleum products, as well as oil and gas exploration and production.

For his part, the Omani ambassador confirmed that the MoU comes as an extension of the historical relations between both countries and as a follow-up to the agreements reached during the visit made by Egypt’s President Abdel Fattah El Sisi to the sultanate last year, referring that the agreement is to give momentum to the cooperation ties between both countries in terms of stocking and marketing oil and gas and attracting investments and facilitating the transfer of technologies.

According to El-Issaie, the agreement will encourage the partnership opportunities between both countries, as technical and training cooperation was high on the agenda of the agreement.