Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding (MoU) between Egypt and the UAE, aimed at leveraging the integrated system at the Fujairah Oil Industry Zone (FOIZ) and applying it to the Al Hamra Petroleum Port on the Mediterranean coast.

In the presence of Minister of Petroleum and Mineral Resources Karim Badawi, the agreement was signed by Mohammed Saeed Al Dhanhani, Director of the Fujairah Amiri Diwan in the UAE, and Mahmoud Nagy, the Undersecretary for Transportation and Marketing of Petroleum Products at the Ministry of Petroleum and Mineral Resources.

The MoU aligns with the petroleum ministry’s strategy to maximize Egypt’s role as a regional energy hub for trading petroleum and petroleum products and exploiting the port’s infrastructure and facilities to receive and trade through petroleum and petroleum products. 

The deal includes the possibility of supplying petroleum products to the local market through the existing partnerships of Fujairah Company with global suppliers of oil and gas companies, by providing a competitive advantage to the Egyptian General Petroleum Corporation (EGPC), as well as exploiting the facilities available in the petroleum sector to trade petroleum products. 

It also states establishing a new logistics zone for trading in the Mediterranean region by pumping investments that may reach $3 billion, subject to increase. 

Additionally, a joint working team was formed between the Egyptian and Emirati sides to follow up on the implementation of the terms of the agreement to overcome any obstacles.