Egypt and Saudi Arabia Sign Oil and Gas Cooperation Memorandum Involving Trade, Storage and Transportation, and Petrochemical Investment

en.Wedoany.com Reported - On October 11, Egypt and Saudi Arabia signed a memorandum of understanding on oil and gas cooperation during the 17th International Energy Forum Ministerial Meeting held in Riyadh, the capital of Saudi Arabia. Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and Saudi Minister of Energy Abdulaziz bin Salman signed the document on behalf of both sides. The scope of cooperation covers the trade, transportation, storage, and distribution of oil, natural gas, and their derivative products, and also includes investment in related infrastructure, logistics services, and petrochemical projects.

The two sides plan to expand cooperation in the trade and circulation of crude oil, refined products, and natural gas, and to study development opportunities for related transportation, storage, and distribution infrastructure and supporting logistics services. The memorandum also covers the exchange of experience in gas station operations and facility development, the management of petroleum product transportation and tracking, and businesses such as the transportation and tracking of liquefied petroleum gas cylinders.

The petrochemical sector has been included in the scope of this cooperation. Egypt and Saudi Arabia will study opportunities for joint investment projects and explore arrangements to expand exports of related products.

The memorandum also provides for the two sides to exchange technical information and industry experience, with cooperation implemented through mutual visits, training programs, special meetings, and technical seminars. The related activities are aimed at the technical and operational fields involved in the oil, natural gas, and petrochemical industry chains, and specific follow-up cooperation matters need to be further determined by both sides.

On the same day, Egyptian Minister of Petroleum and Mineral Resources Karim Badawi, Egyptian Minister of Electricity and Renewable Energy Mahmoud Esmat, and Saudi Minister of Energy Abdulaziz bin Salman held energy cooperation talks. The two sides discussed the existing Egypt-Saudi Arabia cross-border electricity interconnection project and studied the possibility of expanding cooperation in the fields of oil and gas, electricity, and renewable energy.