By: Energy capital & power

Global logistics firm AD Ports, UAE engineering firm TCM Project Management and the Egyptian Ministry of Petroleum and Mineral Resources have signed a Memorandum of Understanding to co-develop and operate a strategic crude oil storage network in Egypt.

Digital and innovative capabilities will be integrated within Egypt’s energy infrastructure to unlock new efficiencies and ensure regional energy security and resilience.

“This targeted partnership falls under the second and sixth pillars of our Ministry’s integrated strategy – maximizing the added value of Egypt’s petroleum sector assets and enhancing regional cooperation, especially with the United Arab Emirates,” stated Karim Badawi, Egypt’s Minister of Petroleum & Mineral Resources.

The three parties will also identify other areas for potential collaboration.

The MoU supports AD Ports’ international expansion strategy, particularly in Egypt – one of its largest overseas markets – where the company has invested $469 million since 2022.