Cairo: Egypt has marked a significant milestone in its energy sector as the Ministry of Petroleum and Mineral Resources (MoPMR) and the Government of the Emirate of Fujairah in the United Arab Emirates (UAE) commenced the implementation of their cooperation agreement signed last August. This development saw the arrival of the first oil tanker at an Egyptian terminal under the new accord.

According to State Information Service Egypt, the Minister of Petroleum and Mineral Resources, Karim Badawi, highlighted that this partnership is part of Egypt’s broader strategy to enhance its role as a regional hub for energy and oil trading. The agreement leverages the existing oil and gas infrastructure and invests in upgrading facilities at Egyptian terminals.

The cooperative effort aims to incorporate the expertise from the Port of Fujairah in developing a petroleum logistics zone in the Hamra Port area on the Mediterranean Sea. This initiative capitalizes on Egypt’s strategic geographical location and its robust petr
oleum sector infrastructure. Additionally, the plan involves utilizing the port’s facilities for trading petroleum products and supplying a portion of Egypt’s local energy requirements.

Badawi expressed pride in the commencement of this cooperation, emphasizing its importance in transitioning the Hamra Port area into a logistics hub for petroleum product trading. The collaboration is set to create new opportunities for Egypt and the UAE within the petroleum industry.