It will focus on upgrading Hamra Petroleum Port into a regional hub connecting Middle Eastern crude flows with European markets.
Egypt and the Emirate of Fujairah in the United Arab Emirates have signed a landmark agreement to establish a logistics zone for storing and trading crude oil and petroleum products in New Alamein on the Mediterranean coast.
The deal, signed by Petroleum Minister Karim Badawi and Mohammed Saeed Al Dhanhani, Director of the Emiri Court in Fujairah, paves the way for the creation of a joint-stock company to manage the project.
It will focus on upgrading Hamra Petroleum Port into a regional hub connecting Middle Eastern crude flows with European markets.
The partnership will leverage Fujairah’s operational expertise and modern port management systems to enhance efficiency, expand capacity, and raise Egypt’s competitiveness in oil storage and transit services.
It also includes a commercial agreement to supply petroleum products to the Egyptian General Petroleum Corporation.
Badawi called the agreement a “turning point” in Egypt-UAE energy ties, while Al Dhanhani described Egypt as a “strategic long-term market” for Fujairah.
