Egypt, UAE’s Fujairah accelerate plans for Alamein oil trading hub
Egyptian Prime Minister Moustafa Madbouly met officials from the United Arab Emirates’ Fujairah emirate on Tuesday to discuss accelerating a joint oil storage and trading project in New Alamein, following the establishment of Fujairah Alamein Oil and Gas Co.
The meeting at the government headquarters in the New Capital focused on procedures needed to move the project into implementation, including establishing a special free zone in New Alamein for storing and trading crude oil and petroleum products.
Madbouly said President Abdel Fattah El-Sisi attached importance to the project and called for faster efforts to establish the free zone and begin operations, according to a Cabinet statement.
The project aims to strengthen Egypt’s role as a regional hub for energy trading and storage by developing Hamra Port in cooperation with Fujairah International Oil and Gas Corporation.
The partners will seek to transfer expertise and adopt technologies and systems used at Fujairah’s energy facilities, the statement said.
The project also envisages using existing storage facilities at El-Hamra Terminal to store crude oil, making greater use of Egypt’s infrastructure and the port’s location on the Mediterranean coast.
Fujairah energy model
Mohammed Saeed Al-Dhanhani, Director of the Prince’s Office in Fujairah, said Fujairah’s ruler Sheikh Hamad bin Mohammed Al Sharqi was keen to strengthen cooperation with Egypt and accelerate the project’s implementation.
Egyptian Petroleum Minister Karim Badawy said the project had received support from both governments and would seek to apply Fujairah’s experience in energy storage and trading in Egypt.
Joint teams were working to complete the required procedures and prepare an implementation timetable, Badawy said, adding that his ministry would provide support and seek to resolve any obstacles.
Madbouly said he would regularly follow up on the project’s progress.
The joint company was recently established, with its formation meeting held at El-Hamra Terminal, operated by Western Desert Operating Petroleum Company (WEPCO) in New Alamein.
The initiative is part of Egypt’s efforts to strengthen its position as a regional centre for energy trading, storage and transportation while making greater use of its oil and gas infrastructure and strategic location.