Egypt, UAE mull oil storage facility partnership

The Egyptian Prime minister conferred with UAE’s Brooge Petroleum and Gas Investment Company officials to discuss UAE’s future expansion plans in the Egyptian market.

During a meeting, the parties discussed the signing of a preliminary agreement between Egypt, the Emirate of Fujairah, and Brooge to establish a specialised free zone for the production, storage, and trading of petroleum and its derivatives.

Mohammed Saeed Al Dhanhani discussed future expansion highlighting that the agreement aims to boost relations and implement infrastructure and service projects in Egypt’s petroleum sector, covering the production, storage, trading, importing, exporting, and refining of petroleum and derivatives.

Such collaborations are expected to yield substantial economic benefits and drive growth in both countries.