CAIRO – Egyptian Prime Minister Moustafa Madbouli has witnessed the signing of a memorandum of understanding (MoU) between Egypt and the UAE to cement bilateral petroleum co-operation.
The signing ceremony was held Thursday at the government headquarters in New Alamein city in the presence of senior officials, including Petroleum Minister Karim Badawy.
The MoU aims to benefit from the integrated system in Fujairah Oil Industry Zone and apply the same in Al-Hamra Petroleum Port.
The deal is part of the Petroleum Ministry’s strategy to boost Egypt’s role as a regional hub of petroleum and oil products and make the best use of infrastructure and warehouse capacity.
A joint Egypt-UAE team has been formed to follow up the implementation of the deal and remove any obstacles to put into effect.
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