Egypt and the Emirate of Fujairah have signed three agreements to establish an Egyptian shareholding company responsible for developing a logistics zone in the Mediterranean basin at El-Alamein. The project aims to store and trade petroleum products in the Mediterranean and involves upgrading and expanding El-Hamra Port in cooperation with the Fujairah Oil and Gas Corporation.
The agreements were signed during Minister of Petroleum and Mineral Resources Karim Badawi’s visit to the UAE, where he met with Hamad Bin Mohammed Al Sharqi, Ruler of Fujairah and Supreme Council Member. A second agreement was signed for storing crude oil at El-Hamra Port’s facilities, expected to maximize economic returns from Egypt’s infrastructure and leverage the port’s advanced facilities and strategic location.
El-Hamra Port, located about 120 kilometers west of Alexandria, is currently seeing the construction of four new crude oil tanks in the northern area to boost production capacity from 2.8 to 5.3 million barrels. A fully integrated zone is being established in the southern area for the storage, handling, and loading of petroleum products, with a total capacity of 130,000 tons. The first phase includes two diesel storage tanks to be completed by year-end, while the second phase will include six tanks for gasoline, diesel, and jet fuel, scheduled for completion in the second quarter of next year.
Both sides also signed a commercial agreement to supply petroleum products to the Egyptian General Petroleum Corporation. During the meeting, Al Sharqi emphasized the deep-rooted political and economic ties between the two countries and highlighted major projects underway across various sectors, particularly real estate, tourism, oil, gas, and natural resources in Egypt.
Source: egyptoil-gas.com