Arab Finance: Prime Minister Mostafa Madbouly has reviewed the procedures required to complete the establishment of the Fujairah Alamein Oil and Gas Company project, given its strategic impact on Egypt’s energy sector, according to a statement.

Madbouly held talks with Mohammed Saeed Al Dhanhani, Director of the Fujairah Emiri Diwan in the UAE, to discuss the project, highlighting the deep-rooted strategic relations between Egypt and the UAE.

The project, which will be located in New Alamein City, aims to establish a specialized zone for the storage and trading of petroleum products and crude oil. It is expected to strengthen Egypt’s position as a regional energy trading hub while maximizing the economic returns from the country’s existing infrastructure.

Upon the development plan, the project will utilize storage facilities at Al Hamra Petroleum Port in New Alamein for crude oil, capitalizing on the port’s strategic location and advanced infrastructure to establish it as a key regional center for crude oil storage and transportation.

For his part, Minister of Petroleum and Mineral Resources Karim Badawi affirmed that the necessary procedures for implementing the project are being finalized, with a detailed timeline being prepared for each stage.

Badawi also affirmed the ministry’s commitment to providing the necessary support and addressing any challenges that could hinder the project’s implementation.

In August, Egypt’s Cabinet approved the establishment of a special free zone for Fujairah Alamein Oil and Gas Company LLC to store and trade crude oil and petroleum products in New Alamein City.