Arab Finance: Egypt and the UAE signed a cooperation agreement to establish a joint-stock company to build a logistics zone for the storage and handling of crude oil and petroleum products in the El Alamein, according to a statement.

The project aims to develop the Al Hamra Petroleum Port within the framework of cooperation and integration with the Fujairah Oil and Gas Corporation.

Moreover, the partnership covers exchanging expertise and deploying the latest technologies to enhance efficiency and raising it to international standards.

Within the framework of the Ministry of Petroleum's strategy, the project is one of the pillars of implementing the regional cooperation axis and supporting Egypt's role as a regional hub for energy trade and circulation.

The strategy aims to strengthen international partnerships in this field, achieving economic benefits from its infrastructure and distinguished geographical location.

This came during Minister of Petroleum and Mineral Resources Karim Badawi’s visit to the UAE and meeting with the Ruler of Fujairah Hamad bin Mohammed Al Sharqi, to foster bilateral cooperation in energy, petroleum and related industries.

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