en.Wedoany.com Reported - Egypt plans to build an integrated logistics zone in the northern port of Alexandria for the storage and processing of petroleum products, Saudi news website Asharqbusiness reported on Monday. The initial investment for the project will exceed $600 million, covering an area of approximately 300,000 square meters, including a 900-meter-long berth. This is part of the first phase of the development of the Port of Alexandria.

"The project aligns with the government's strategy to transform Egypt into a regional energy hub, leveraging its strategic geographic location as well as its comprehensive logistics and maritime infrastructure," an Egyptian government official said. The Ministries of Petroleum and Transport are collaborating to finalize the project contract, including the financing structure and land use rights from the Alexandria Port Authority.

The report said Egypt's main ports have a petroleum product storage capacity of about 29 million barrels. The country has 19 commercial ports, 14 of which are under development. Between 2014 and 2023, Egypt built or upgraded approximately 79 oil storage facilities at a cost of 2.4 billion Egyptian pounds (about $50 million) to strengthen strategic reserves. In March, Egypt also offered 10 crude oil and petroleum product storage facilities at the Red Sea ports of Sokhna and Ras Badran for lease. Additionally, Cairo is reviewing a proposal from Abu Dhabi Ports Group to lease storage facilities along the Red Sea coast, with negotiations potentially reaching an agreement before July.

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