The Emirate of Fujairah and the Egyptian government have signed a cooperation agreement in the form of a Memorandum of Understanding (MoU) in the petroleum field.
The MoU was signed by Mohammed Saeed Al Dhanhani, Director of the Fujairah Emiri Court, and Mahmoud Nagi, Deputy Minister of Petroleum and Mineral Resources for Transportation and Marketing, at the government headquarters in the new Alamein city, in the presence of Egypt’s Prime Minister, Dr Mostafa Madbouly, and Karim Badawi, Egyptian Minister of Petroleum and Mineral Resources.
The agreement aims to take advantage from the integrated system in the Fujairah Oil Industry Zone and apply it to Egypt’s Al Hamra Petroleum Port on the Mediterranean coast.
Al Dhanhani emphasized the importance of cooperation between the two countries and building on the successes already achieved in the fields of storage, petroleum trading, and ship supply.
Al Dhanhani also stressed that this MoU was the framework of the fruitful cooperation between the UAE and Egypt, under the directives of the wise leadership in both fraternal countries.
The MoU was issued under the directives of H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, and the support of H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, to provide the best capabilities and expertise that Fujairah has achieved in the field of petroleum trade.
A joint Egypt-UAE team has been formed to follow up the implementation of the deal and remove any obstacles to put into effect.
In July, Dragon Oil opened the AI Retreat to study the development of the Morgan and Badri fields using AI technology in Egypt, a significant step towards digital transformation and innovation in the Egyptian oil and gas industry
