Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, hailed the completion of procedures to establish the Fujairah-Alamein Oil and Gas Company and the convening of its inaugural general assembly meeting at Al Hamra Petroleum Port in New Alamein.
The establishment of the new company comes within the framework of the deep-rooted strategic relations between Egypt and the UAE.The company will develop, operate and manage a logistics hub at Al Hamra Petroleum Port on the Mediterranean coast for the storage and handling of crude oil and petroleum products.
Minister Badawi congratulated the company on its establishment, stressing that the move marks an important transition from planning and agreements to actual implementation. He said it would open new prospects for joint investments in the receipt, storage, handling and trading of crude oil and petroleum products, supporting the competitiveness of Egypt’s petroleum sector and boosting its logistical capabilities.
He has made it clear that said the project is part of the Ministry of Petroleum and Mineral Resources’ strategy to maximise the economic value of existing infrastructure and reinforce Egypt’s position as a regional hub for petroleum and energy trading and handling.
Badawi added that the partnership aims to introduce the latest international operating and management systems at petroleum storage, handling and trading facilities, while benefiting from specialised global expertise and adhering to the highest international standards for occupational health and safety, environmental protection and operational efficiency.
The minister directed the swift completion of all procedures and steps required to implement the project and called for a clear timetable covering its various implementation phases.
