Egypt and Saudi Arabia have signed a memorandum of understanding (MoU) to expand co-operation in oil, natural gas and petrochemicals, the Egyptian Ministry of Petroleum and Mineral Resources said.
The agreement was signed by Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and Saudi Minister of Energy Prince Abdulaziz bin Salman on the sidelines of the 17th ministerial meeting of the International Energy Forum in Riyadh.
It aims to boost co-operation in the trade, transport, storage and distribution of crude oil, petroleum products and natural gas, as well as to develop related infrastructure and logistics services.
The memorandum also provides for exchanges of expertise on fuel station operations and the transport and tracking of petroleum products and cooking gas cylinders. The two sides will explore investment opportunities in joint petrochemical projects and ways to increase exports.
It further envisages technical information exchanges, training programmes, visits and industry workshops, the ministry said.
