Egypt, Saudi Arabia sign oil, gas cooperation MoU at IEF17

Egypt and Saudi Arabia signed on Sunday a memorandum of understanding (MoU) to strengthen cooperation in oil, natural gas, and petrochemicals, expanding collaboration in petroleum product trade, transportation, storage, and distribution.

The agreement was signed at the conclusion of the 17th Ministerial Meeting of the International Energy Forum (IEF17) in Riyadh.

The MoU aims to enhance integration between the two countries’ petroleum and energy sectors by developing cooperation in crude oil, petroleum products, and natural gas trade, alongside improving related infrastructure and logistical services. The agreement also seeks to strengthen energy security and improve the resilience and reliability of supply chains.

Cooperation will also cover the exchange of expertise and best practices in operating and developing fuel stations, as well as transporting and tracking petroleum products and liquefied petroleum gas (LPG) cylinders.

Additionally, the two countries will explore investment opportunities in joint petrochemical projects and work to expand exports. The agreement also provides for exchanging technical information and expertise, organising training programmes, mutual visits, conferences, and workshops to support knowledge transfer and capacity development.