Fujairah Alamein Oil and Gas established in Egypt

Egypt and the United Arab Emirates have officially established the Fujairah Alamein Oil and Gas company. The inaugural meeting of the founding assembly took place at the Al Hamra Petroleum Port in New Alamein.

Egyptian Minister of Petroleum and Mineral Resources, Karim Badawi, stated that the move transitions the project from the planning phase to actual implementation. The company will operate a logistics zone dedicated to the receipt, storage, trading, and handling of crude oil and petroleum products. This initiative aims to enhance Egypt's competitive edge in the energy sector and bolster its position as a regional hub for oil and energy trading.

The project is a result of a memorandum of understanding between the Egyptian Ministry of Petroleum and the government of the Emirate of Fujairah. It follows a cabinet decision to create a special free zone for the company in New Alamein. The partnership intends to utilize international management systems and expertise while adhering to global safety and environmental standards.