Arab Finance: Egypt and Saudi Arabia signed a memorandum of understanding (MoU) to strengthen cooperation in oil, natural gas, and petrochemicals, according to a statement.
The MoU was signed by Minister of Petroleum and Mineral Resources Karim Badawi and Saudi Minister of Energy Prince Abdulaziz bin Salman at the conclusion of the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh.
The agreement aims to deepen integration between the two countries’ petroleum and energy sectors by leveraging their joint capabilities and expertise.
Under the MoU, both sides will cooperate on trading, exchanging, transporting, storing, and distributing crude oil, petroleum products, and natural gas, as well as developing supporting infrastructure and logistics services.
These efforts will boost energy market efficiency, strengthen supply chain resilience, and enhance energy security in both countries.
The MoU also provides for expanded cooperation in exchanging expertise and best practices in the operation and development of fuel stations, as well as in the transportation and tracking of petroleum products and LPG cylinders.
Additionally, the two countries will exchange expertise in operating and developing fuel stations, as well as improving the transportation and tracking of petroleum products and liquefied petroleum gas (LPG) cylinders.
