Egypt, Fujairah sign 3 oil deals to boost Alamein hub

Egypt and the Emirate of Fujairah signed three agreements to deepen cooperation in oil storage and trade, including plans to turn Alamein on the Mediterranean into a logistics hub, the petroleum ministry said Thursday.

The first deal creates a joint-stock company to develop a logistics zone at Al-Hamra Port in partnership with the Fujairah Oil Industry Zone (FOIZ), with a focus on deploying advanced systems and international standards.

A second agreement covers the storage of crude oil at Hamra’s facilities in New Alamein, designed to maximise returns from Egypt’s infrastructure and expand the port’s role as a regional hub.

The third is a commercial contract for the supply of petroleum products to the Egyptian General Petroleum Corporation (EGPC).

The agreements were signed by EGPC CEO Salah Abdel Kerim and Ahmed Adel, adviser to Fujairah’s government, and witnessed by Egypt’s Petroleum Minister Karim Badawy and Mohammed Saeed Al Dhanhani, director of Fujairah’s Emiri Diwan.

Badawy said the deals highlight Egypt’s push to attract Gulf investment and expand strategic projects in the oil and gas sector.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser