Egypt and the UAE Sign Oil Agreement

Egypt and the UAE signed a memorandum of understanding today, Thursday, for cooperation in the oil sector, which includes the establishment of a new logistics area for trading in the Mediterranean region, with investments that could reach up to $3 billion, subject to increase, according to a statement from the Egyptian Cabinet. The memorandum was signed at the Egyptian government's headquarters in New Alamein City and aims to "benefit from the integrated system in the Fujairah oil region and apply it at the Hamra oil port on the Mediterranean coast." The memorandum was signed by Mohamed Saeed Al-Dhanhani, Director of the Ruler's Office in Fujairah, and Mahmoud Nagy, Head of the Central Administration for Transport and Marketing at the Egyptian Ministry of Petroleum and Mineral Resources. The statement indicated that the memorandum falls within the framework of the strategy of the Ministry of Petroleum and Mineral Resources to enhance Egypt's role as a regional center for trading crude oil and petroleum products, utilizing the infrastructure and facilities of ports, storage capacities, and marine quays to receive and trade crude oil and petroleum products.