Furthermore, the agreement seeks to capitalize on the resources within the petroleum sector to enhance the trading of these products.
Egypt signed a memorandum of understanding (MoU) with UAE to establish a new logistics trading zone in the Mediterranean region by pumping investments that may exceed $3 billion, according to a statement released by the Egyptian Cabinet.
Central to this MoU is the strategic utilization of existing alliances between the Fujairah Company and global oil and gas suppliers to meet domestic demand for petroleum products.
Furthermore, the agreement seeks to capitalize on the resources within the petroleum sector to enhance the trading of these products.
Aligned with the Egyptian Ministry of Petroleum and Mineral Resources’ vision, this initiative aims to solidify Egypt's position as a pivotal regional hub for the exchange of crude oil and petroleum products.
This agreement also aims to Leverage the nation's port infrastructure, storage capacities, and marine terminals.
To ensure the seamless implementation of this agreement, a joint task force comprising representatives from both Egypt and the UAE has been established.
This collaborative effort underscores the commitment to surmount any challenges that may arise during the execution phase.
The official signing ceremony was graced by the presence of Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badwi.
