Egypt and Saudi Arabia have signed a memorandum of understanding (MoU) to strengthen cooperation in oil, natural gas , and petrochemicals and expand trade in petroleum products, according to a statement by Egypt’s Ministry of Petroleum and Mineral Resources (MoPMR) on October 11.
The MoU aims to expand cooperation and integration between the two countries’ petroleum and energy sectors by leveraging their respective capabilities and expertise, including cooperation in petrochemicals, exploring investment opportunities in joint projects and expanding exports.
It covers the trade, transport, storage and distribution of crude oil, petroleum products and natural gas, as well as the development of related infrastructure and logistics services.
The MoU is also intended to improve energy market efficiency, strengthen supply chain resilience and reliability, and enhance energy security.
It provides for exchanging expertise and best practices in operating and developing fuel stations, as well as transporting and tracking petroleum products and liquefied petroleum gas (LPG) cylinders.
The agreement includes exchanging technical information and expertise and organizing reciprocal visits, training programs, conferences and workshops to transfer knowledge and develop capabilities.
Karim Badawi, Egyptian Minister of Petroleum and Mineral Resources, and Abdulaziz bin Salman, Saudi Minister of Energy Prince Abdulaziz bin Salman, signed the MoU at the conclusion of the 17th ministerial meeting of the International Energy Forum (IEF) in Riyadh.
The signing ceremony was followed by a meeting between the two ministers, in presence of the Egyptian Minister of Electricity and Renewable Energy Mahmoud Esmat.
The meeting focused on expanding cooperation between Egypt and Saudi Arabia in oil, natural gas, electricity and renewable energy.
The IEF’s 17th ministerial meeting was held in Riyadh, the Saudi Arabian capital, on October 11 under the theme “Energy Security and Shared Goals in a New Era.” The meeting was inaugurated by Saudi Minister of Energy Prince Abdulaziz bin Salman and IEF Secretary-General Jassim al-Shirawi.
The agreement builds on previous energy and natural resources partnerships between Cairo and Riyadh. These include a 2022 MoU establishing broader energy cooperation in renewables and grid integration, and the ongoing $3 billion electricity interconnection project designed to link the two nations’ power grids.
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