Sheikh Abdullah bin Rashid Al Sharqi, Authorized Representative and Owner of Middle East Tanking Solutions, and Dr. Sami Al-Hilali, Chairman and Chief Executive Officer of “Petro Oil & Gas Traders,” signed a strategic partnership agreement in Cairo to develop and operate an oil and fuel storage project in the Fujairah Free Zone in the United Arab Emirates. The project currently comprises 18 tanks and requires significant expansion phases.
Under the agreement, “Petro Oil & Gas Traders” will acquire a 70 per cent ownership stake in the project, while Sheikh Abdullah Al Sharqi will retain a 30 per cent share.
The company will provide the full investment capital required for the development and operational phases, appoint local and international expertise to manage the project, and form a board of directors chaired by Dr. Sami Al-Hilali.
Following the signing, Dr. Sami Al-Hilali, Chairman and CEO of “Petro Oil & Gas Traders,” stated: “We are not just investing in land and tanks, but in the lifeline of the global economy.
The UAE, and specifically Fujairah, is the safest and most efficient gateway to energy markets in the Middle East and Africa.”
Al-Hilali added: “As Chairman of the project’s board of directors, I confirm that our company will apply the highest global standards in management and financial auditing.”
He explained that “Petro Oil & Gas Traders” is not merely a trading company, but a strategic infrastructure developer possessing the financial vision and operational capacity to transform the project into a prominent logistics hub, noting that the company will serve as a bridge between producers and consumers globally.
He also expressed his pride in Sheikh Abdullah Al Sharqi’s trust.
For his part, Sheikh Abdullah Al Sharqi, Authorised Representative and Owner of Middle East Tanking Solutions, said: “Fujairah is not just an emirate, but the global logistics capital of energy, and our free zone is witnessing unprecedented global demand.”
He added: “When we plan to expand a project that currently includes 18 tanks, we are not just looking for an investor, but a partner with a shared vision.”
Al Sharqi noted that Dr. Sami Al-Hilali and his company represent the elite in the energy trading and infrastructure sector, clarifying that their commitment to injecting the full capital, appointing local and international expertise, and establishing a board of directors chaired by Al-Hilali himself, proved to him that he is dealing with a partner who knows no impossibility when it comes to execution and professionalism.
He concluded by saying: “This partnership is a perfect blend of the land of opportunity, capital, and global expertise.”
