The government of Egypt is in talks with the UAE’s Emirate of Fujairah and Brooge Petroleum and Gas Investment Company (BPGIC) to establish a free zone for the manufacture, storage, and trade of oil and oil by-products in Egypt.
According to an official statement, the free zone will include import, export, re-export, and processing of oil and its derivatives.
Prime Minister Mostafa Madbouly, Mohammed Saeed Al Dhanhani, Director of the Fujairah Emiri Diwan, and a high-ranking delegation discussed the project along with other investments by the Emirate of Fujairah and BPGIC in Egypt.
The initial deal will enhance oil and gas collaboration between Egypt and Fujairah in infrastructure and service projects within the Egyptian oil sector, Al Dhanhani explained.
Madbouly lauded the project proposal by BPGIC, restating his full support for such projects aiming to achieve positive results as soon as possible.