Egypt And UAE Enhance Petroleum Ties With New Cooperation Agreement
The emirate of Fujairah and the Egyptian government have entered into a Memorandum of Understanding (MoU) to collaborate in the petroleum sector. The agreement was signed at the government headquarters in New Alamein city, with Egypt's Prime Minister, Dr Mostafa Madbouly, and Karim Badawi, Egyptian Minister of Petroleum and Mineral Resources, in attendance.
The MoU aims to leverage the integrated system within the Fujairah Oil Industry Zone and apply it to Egypt’s Al Hamra Petroleum Port on the Mediterranean coast. Mohammed Saeed Al Dhanhani, Director of the Fujairah Emiri Court, and Mahmoud Nagi, Deputy Minister of Petroleum and Mineral Resources for Transportation and Marketing, signed the agreement.
Al Dhanhani highlighted the significance of this cooperation between the two nations. He noted that it builds on existing successes in storage, petroleum trading, and ship supply. He also mentioned that this MoU is part of the broader cooperation framework between the UAE and Egypt, guided by their wise leadership.
He further stated that H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, along with H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, directed this initiative. Their aim is to provide top-notch capabilities and expertise that Fujairah has developed in petroleum trade.
A joint team from Egypt and the UAE has been established to oversee the implementation of this agreement. This team will work to remove any obstacles that may arise during its execution.
The signing ceremony underscored both countries' commitment to enhancing their collaboration in the petroleum field. This partnership is expected to bring mutual benefits by sharing expertise and resources.
This new MoU represents a significant step forward in strengthening ties between Fujairah and Egypt. It aims to enhance operational efficiencies at Egypt’s Al Hamra Petroleum Port by adopting best practices from Fujairah's oil industry.
Both parties are optimistic about the potential outcomes of this collaboration. They believe it will lead to improved storage solutions, better trading mechanisms, and more efficient ship supply operations.
With inputs from WAM
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