The Egyptian Natural Gas Holding Company (EGAS) plans to launch a new international bid for 2024 to explore natural gas and crude oil in 12 sectors in the Mediterranean Sea and Nile Delta.
Recently, Egypt and the UAE signed a memorandum of understanding (MoU) to leverage the integrated system in the Fujairah Petroleum Area and apply it at the Hamra Petroleum Port on the Mediterranean coast.
In a statement issued earlier this month, the Egyptian Cabinet stated that the MoU includes the possibility of supplying petroleum products to the local market through existing partnerships between Fujairah and global oil and gas suppliers, offering a competitive advantage to the Egyptian General Petroleum Corporation.
The MoU also involves utilizing the facilities available in the petroleum sector for trading petroleum products and establishing a new logistical area for trading in the Mediterranean region, with investments that could reach $3 billion, subject to increase.