The Emirate of Fujairah signed an MoU with the Egyptian government on 8 August aimed at boosting cooperation in the petroleum sector. Specifically, the MoU covers the establishment of a new $3bn logistics zone for oil trading at El Hamra on the Mediterranean coast. It also covers Fujairah supporting the supply of petroleum products to Egypt through its partnerships with international firms.
The MoU follows a trip to the UAE’s Emirate of Fujairah by Egypt’s new oil minister, Karim Badawi, last month where he visited the Fujairah Oil Industry Zone (FOIZ), including the 1mn m³ BPGC storage terminal operated by Emirati firm BPGIC. (CONTINUED - 170 WORDS)