The agreement aims to strengthen energy integration between the two countries and unlock new opportunities for investment and joint projects.
Egypt and Saudi Arabia have signed a memorandum of understanding (MoU) to enhance cooperation in the oil, natural gas, and petrochemicals sectors, while expanding activities related to the trading, transportation, storage, and distribution of petroleum products.
The agreement aims to strengthen energy integration between the two countries and unlock new opportunities for investment and joint projects.
The MoU was signed by Egypt's Minister of Petroleum and Mineral Resources Karim Badawi and Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud on the sidelines of the 17th ministerial meeting of the International Energy Forum (IEF), held in Riyadh, Saudi Arabia.
Under the agreement, both countries will seek to expand cooperation by leveraging their respective capabilities and expertise in crude oil, petroleum products, and natural gas trading, transportation, storage, and distribution, alongside the development of related infrastructure and logistics services.
The partnership is expected to improve energy market efficiency, strengthen supply chain resilience and reliability, and enhance energy security in both countries.
The MoU also covers the exchange of expertise and best practices in operating and developing fuel stations, transporting and tracking petroleum products and liquefied petroleum gas (LPG) cylinders, as well as expanding cooperation in petrochemicals, exploring joint investment opportunities, and boosting exports.
Additionally, the agreement includes exchanging technical information and expertise, organizing reciprocal visits, training programs, conferences, and workshops to facilitate knowledge transfer, develop technical capabilities, and strengthen cooperation in areas of mutual interest.
The agreement reflects Egypt and Saudi Arabia's commitment to deepening economic and energy ties, building on their longstanding bilateral relations, and expanding investment opportunities across the oil, gas, and petrochemicals sectors to advance their shared interests
