“The free zone is expected to include import, export, re-export, and processing of oil and its derivatives"

ENERGYEGYPTUAEOIL AND GAS

Cairo –  The Egyptian government is in talks with the UAE’s Emirate of Fujairah and Brooge Petroleum and Gas Investment Company (BPGIC) to sign a preliminary agreement for building a free zone for production, storage, and trade of oil and oil derivatives in Egypt.

The free zone is expected to include import, export, re-export, and processing of oil and its derivatives, according to an official statement.

The project was discussed, along with other investments by the Emirate of Fujairah and BPGIC in Egypt during a meeting between Prime Minister Mostafa Madbouly, Mohammed Saeed Al Dhanhani, Director of the Fujairah Emiri Diwan, and a high-ranking delegation.

The preliminary agreement is poised to enhance oil and gas cooperation between Egypt and Fujairah in infrastructure and service projects within the Egyptian oil sector, Al Dhanhani stated.

Madbouly commended the project proposal by BPGIC, reiterating his full support for such projects aiming to achieve positive results as soon as possible.

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