Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding (MoU) between Egypt and the UAE, which aims to replicate the successful integrated system at the Fujairah Oil Industry Zone (FOIZ) in the development of Al Hamra Petroleum Port on the Mediterranean coast.

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

This MoU is part of the ministry’s strategic vision to enhance Egypt’s role as a regional energy hub, leveraging the port’s infrastructure to facilitate the trade of petroleum and petroleum products. The agreement also opens up opportunities for supplying petroleum products to the local market through existing partnerships between the Fujairah Company and global oil and gas suppliers, offering competitive advantages to the Egyptian General Petroleum Corporation (EGPC).

Furthermore, the MoU outlines the establishment of a new logistics zone for trading petroleum products in the Mediterranean region, with potential investments reaching up to $3 billion. To ensure smooth execution, a joint working team from both countries has been formed to monitor the implementation and address any challenges.