"Abu Dhabi Ports" Expect a memorandum of understanding with the Egyptian Ministry of Petroleum and a company "TCM"

Abu Dhabi, July 31 / WAM / Abu Dhabi Ports Group announced today, the signing of a memorandum of understanding with the Ministry of Petroleum and Mineral Resources in the Arab Republic of Egypt and the TCM project management, to explore the operating opportunities and joint development of the crude oil storage system in Egypt.

The system of crude oil storage tanks in Egypt is a vital infrastructure in the value chain for the energy sector in Egypt, and its strategic location qualifies it to serve both local and international markets.

This partnership reflects the commitment of the Abu Dhabi Ports Group to expand its presence in the port sectors, marine, logistical services, and industrial areas in Egypt, which is one of the largest international markets of the group, as its investments in the country reached about 469 million US dollars since 2022.

On this occasion, His Excellency Eng. Karim Badawi, Minister of Petroleum and Mineral Resources in Egypt, expressed their aspiration through this partnership to explore the opportunities to benefit from the advanced assets of the Egyptian oil sector, especially strategic reserve warehouses of crude oil, as well as research in other areas of cooperation of common concern. His Excellency said that this targeted partnership falls within the second and sixth axes of the integrated strategy in the ministry, by enhancing the added value of the origins of the Egyptian petroleum sector and enhancing joint regional cooperation, on the forefront of cooperation with the UAE, which is characterized by its depth and diversity in all different energy fields, starting with extraction and production activities, and to reach transportation, distribution and marketing activities.

For his part, Captain Mohamed Jumaa Al Shamsi, Managing Director and CEO of the Abu Dhabi Ports Group, said that the memorandum of understanding embodies the strategic importance that the Egyptian market has the group, based on the close and firm relations between the two countries.

He explained that cooperation comes within the framework of commitment to enhance the economic return of the group’s advanced experiences in operating ports, marine and logistical services, economic areas and digital solutions, by holding long -term strategic partnerships, which contributes to supporting the economic and industrial goals of the Egyptian government.

This partnership aims to enhance operational efficiency and create value -added opportunities in this sector, by integrating operational expertise and advanced digital capabilities enjoyed by the Abu Dhabi Ports Group with the advanced infrastructure of the oil sector in Egypt.

Oil storage tanks are expected to play a pivotal role in supporting regional energy security, enhancing supply chains flexibility, and facilitating the flow of international crude oil trade. This step is in line with the strategy of the Abu Dhabi Ports Group in international expansion, and the consolidation of its presence in its main markets, especially the Egyptian and Spanish markets, which are among the most prominent markets in which the group’s business is active, which includes more than 50 international markets.

The group’s business portfolio is distinguished by its ability to provide integrated solutions that support economic growth, provide job opportunities, and provide technological progress in Egypt and the region in general.

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