AD Ports Group And Egypt’s Ministry Of Petroleum Sign MoU To Develop Strategic Crude Oil Storage Facilities

AD Ports Group, Egypt’s Ministry of Petroleum & Mineral Resources, and TCM Project Management have signed a Memorandum of Understanding (MoU). This agreement aims to explore joint operations and development of Egypt's strategic crude oil storage network. This infrastructure is vital for the country's energy value chain, serving both domestic and international markets.

The collaboration underscores AD Ports Group's dedication to expanding its presence in Egypt. Since 2022, the group has committed approximately US$469 million in investments there. This potential partnership aligns with their goal to enhance their integrated ports, maritime, logistics, and industrial operations in one of their largest overseas markets.

Karim Badawi, Egypt’s Minister of Petroleum & Mineral Resources, expressed satisfaction with the MoU. He stated that it aims to maximise the value of Egypt’s petroleum assets, especially crude oil storage facilities. The partnership also seeks to identify other areas of mutual interest within the sector.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, highlighted the significance of this MoU. He noted that it reflects their strategic interest in Egypt, a country with which the UAE shares strong ties. The collaboration aims to leverage AD Ports Group's integrated business model across various sectors.

The MoU was signed by key representatives from each organisation. Ahmed Al Mutawa from AD Ports Group, Nasser Shoman from Egypt’s Ministry of Petroleum & Mineral Resources, and Mahmoud Farrag Omran from TCM Project Management were present at the signing ceremony.

This potential partnership intends to integrate AD Ports Group’s operational expertise with Egypt’s energy infrastructure. By doing so, they aim to unlock new efficiencies and create value within the sector. The crude oil storage facilities are crucial for regional energy security and international trade flows.

Expanding International Markets

AD Ports Group's involvement in developing Egypt's crude oil storage network aligns with its broader goals for international expansion. Alongside Spain, Egypt is one of over 50 international markets where they operate. Their five business clusters are designed to deliver solutions that promote economic growth and technological advancement in these regions.

The agreement between these entities highlights a commitment to fostering economic relationships that benefit both Egyptian and Emirati communities. By focusing on long-term partnerships, they aim to support the economic objectives set by the Egyptian government while strengthening ties between the two nations.

With inputs from WAM