Arab Finance: The Egyptian and Emirati governments have signed a memorandum of understanding (MoU) in the petroleum sector, as per a cabinet statement.

The MoU will enable the Egyptian government to benefit from Fujairah Oil Industry Zone’s (FOIZ) integrated system and apply it to Al-Hamra Petroleum Port on the Mediterranean.

Moreover, the MoU covers the possibility of supplying petroleum products to Egypt via existing partnerships sealed between the Fujairah Government and international oil and gas exporters.  

It also includes the establishment of a new logistics zone for trading in the Mediterranean region via pumping investments of up to $3 million, which could be upped.

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