Egypt has approved the establishment of a special free zone for the newly established Fujairah Alamein Oil and Gas Company in New Alamein on Friday, 21 August, as part of a project focused on the storage and handling of crude oil and petroleum products. The Ministry of Investment and Foreign Trade announced that the company was officially established following Cabinet approval to create a private free zone spanning approximately 738,000 square metres in New Alamein, Matrouh Governorate. The project will focus on storing and handling crude oil and petroleum products, taking advantage of New Alamein’s location and infrastructure, according to the ministry. Investment and Foreign Trade Minister Mohamed Farid said the project reflects efforts to use different investment mechanisms, including free zones, to accelerate the implementation of projects, particularly in the energy sector. He added that the ministry is coordinating with the Ministry of Petroleum and Mineral Resources and other relevant authorities to complete the remaining procedures required for the project to begin. The announcement marks the latest development in the Fujairah Alamein project, which follows cooperation between Egypt and the Emirate of Fujairah in the oil and petroleum products…
