Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi and the UAE’s Ambassador to Egypt Hamad Obaid Al Zaabi discussed strengthening cooperation in the oil and gas sector, according to a statement.

Badawi noted that work is underway to enhance the partnership between the two countries to open broader horizons for the exchange of expertise in this vital sector, attract more investments, and maximize the operations of Egyptian petroleum companies in the UAE.

The minister also highlighted the significant investments of UAE companies in Egypt’s upstream activities, including Arcius Energy, Mubadala Energy, Dragon Oil, and Dana Gas.

He noted that Arcius Energy selected Egypt as a regional hub for launching its operations in the East Mediterranean.

Moreover, he outlined the ongoing cooperation with Fujairah Ports to establish a world-class logistics zone for storing and handling petroleum products at the Al Hamra Petroleum Port in New Alamein on the Mediterranean coast.

This move will support the utilization of existing infrastructure and anchor Egypt's position as a regional energy trading hub, Badawi added.

For his part, Al Zaabi asserted his country’s commitment to supporting and fostering petroleum cooperation between the two nations.

The ambassador hailed the Egyptian state’s economic development, witnessed in infrastructure and the energy sector under the leadership of President Abdel Fattah El-Sisi.

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