Egypt and the UAE signed a memorandum of understanding on Thursday to cooperate in the field of petroleum, which included establishing a new logistics zone for trading in the Mediterranean region with investments that could reach $3 billion, subject to increase, according to a statement from the Egyptian Cabinet.
The memorandum of understanding, which was signed at the Egyptian government headquarters in the New Alamein City, aims to "benefit from the integrated system in the Fujairah petroleum zone, and apply it to the Al Hamra petroleum port on the Mediterranean coast."
The memorandum of understanding was signed by Mohammed Saeed Al Dhanhani, Director of the Emiri Diwan in the Emirate of Fujairah, and Mahmoud Naji, Head of the Central Administration for Transport and Marketing Affairs at the Egyptian Ministry of Petroleum and Mineral Resources.
The statement said that the memorandum of understanding comes within the framework of the Ministry of Petroleum and Mineral Resources' strategy to maximize Egypt's role as a regional center for trading crude oil and petroleum products, and to exploit the infrastructure and facilities of ports, storage capacities and marine platforms to receive and trade crude oil and petroleum products.
The MoU also includes the possibility of supplying petroleum products to the local market through Fujairah Company's existing partnerships with global suppliers of oil and gas companies, by providing a competitive advantage to the Egyptian General Petroleum Corporation, as well as exploiting the facilities available in the petroleum sector to trade petroleum products. The statement said that a joint working team was formed between the Egyptian and Emirati sides to follow up on the implementation of the agreement's provisions to overcome any obstacles.
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