SEATTLE (Oil Monster): The Egyptian Ministry of Petroleum & Mineral Resources signed a memorandum of understanding (MoU) with AD Ports Group and TCM Project Management to collaborate on efforts to develop and operate a strategic crude oil storage network in Egypt. The crude oil storage network system is intended to serve both domestic and international markets.
The three sides have also agreed to look into additional possible areas of cooperation.
The agreement is part of Egypt's aim to maximize the added value of its petroleum sector assets and improve regional cooperation, particularly with the United Arab Emirates, said H.E. Eng. Karim Badawi, Minister of Petroleum & Mineral Resources, who was present when the Memorandum of Understanding was signed.
The collaboration also helps AD Ports' worldwide diversification and growth plan, particularly in Egypt. It should be mentioned that since 2022, the business has made almost $470 million in investments in Egypt.
In order to unlock new savings, the MoU asks for integrating innovative and digital capabilities into the nation's energy infrastructure. By doing this, the nation hopes to increase its role in maintaining the energy security of the area. It also promises to boost economic expansion and hasten the creation of jobs.
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