Cairo: As part of efforts to strengthen Egypt's position as a regional hub for energy trade and distribution, Minister of Petroleum and Mineral Resources Karim Badawi and Mohammed Saeed Al-Dhanhani, Director of the Amiri Diwan of Fujairah in the United Arab Emirates, witnessed the signing of a cooperation agreement to establish an Egyptian joint-stock company.

According to State Information Service Egypt, the new company will develop a logistics zone in Alamein on the Mediterranean to store and trade crude oil and petroleum products, including the expansion of Al-Hamra Port in cooperation with the Fujairah Oil and Gas Corporation. The project aims to transfer expertise, implement advanced technologies, and raise operational efficiency to global standards.

Badawi also witnessed the signing of a crude oil storage contract at Al-Hamra Petroleum Port in New Alamein. The agreement aims to maximize the economic return from Egypt's infrastructure and leverage the port's strategic location and advanced facilities to serve as a key regional hub for storage and transport.

Additionally, a commercial agreement was signed to supply petroleum products to the Egyptian General Petroleum Corporation (EGPC), further expanding cooperation in the energy sector.

Following the signing ceremony, both sides held a meeting in which Minister Badawi reaffirmed Egypt's commitment to implementing strategic projects that will deepen petroleum and gas cooperation with the UAE. For his part, Al-Dhanhani highlighted Fujairah's strong interest in long-term investments in Egypt's energy market, emphasizing that the agreements reflect the strength of bilateral relations between the two countries.

The minister was accompanied by senior petroleum officials, including EGPC CEO Salah Abdel Karim, and senior executives from the Ministry of Petroleum and Western Desert Petroleum Company (WEPCO).