Egyptian Ministry of Petroleum and Mineral Resources and the government of the Fujairah Emirate in the UAE began implementing the terms of the cooperation agreement signed between them in August, and Egyptian ports received the first oil tanker under this agreement.
The agreement includes transferring the experience of developing the Fujairah Port and establishing an oil logistics zone in the Al Hamra Port area on the Mediterranean Sea; investing in Egypt’s distinguished geographical location.
The two sides signed a cooperation agreement in the presence of Egypt Prime Minister Mostafa Madbouly, Minister of Petroleum and Mineral Resources Karim Badawi, and Mohammed Saeed Al Dhanhani, Director of the Fujairah Government Emiri Diwan, which includes trading petroleum products through port facilities and supplying petroleum products to cover part of local needs in Egypt.
The Minister of Petroleum explained, during his reception of Counselor Ahmed Adel Attia, Advisor to the Government of Fujairah, and the CEO of the Fujairah International Oil and Gas Corporation Hani Abdel Moneim, that this cooperation comes under the framework of enhancing Egypt’s role as a regional center for oil trading, and investing within the infrastructure components of the existing ports and facilities and developing them.
The minister expressed his pride in starting cooperation between both sides in preparation for completing the terms of cooperation to transform the Hamra Port area on the Mediterranean Sea into a logistics area for trading petroleum products.
This opens up new horizons of work between Egypt and the UAE in the petroleum field.
