Egypt’s Cabinet signed a Memorandum of Understanding (MoU) with the United Arab Emirates relating to logistics projects in the petroleum sector, with investments potentially reaching USD 3 billion (EGP 147.5 billion), a Cabinet press release announced on 8 August.
The signing ceremony, witnessed by Egypt’s Prime Minister Mostafa Madbouly, featured key figures from Egypt’s Ministry of Petroleum and Mineral Resources, and Emirati-owned Fujairah Oil Industry Zone.
Egypt aims to mirror the integrated system operated in Fujairah, deploying it at Egypt’s Hamra Petroleum Port on the Mediterranean coast.
“The MoU aligns with the Ministry of Petroleum and Mineral Resources’ strategy to enhance Egypt’s role as a regional hub for the trade of crude oil and petroleum products,” the Cabinet statement read.
The agreement includes plans to utilize the country’s infrastructure as well as port facilities to handle and store petroleum products, with potential investments in a new logistics zone.
The MoU also explores the possibility of supplying the Egyptian market with petroleum products through Fujairah’s existing global partnerships, offering a competitive advantage to the Egyptian General Petroleum Corporation.
A joint working group from both nations will be established to oversee the implementation of the project and address any challenges that may arise.
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