Partnership to explore joint operation and development of strategic crude oil storage facilities
AD Ports Group; Egypt’s Ministry of Petroleum & Mineral Resources; and TCM Project Management, a Dubai based company; recently signed a Memorandum of Understanding to explore joint operation and development of Egypt’s strategic crude oil storage network.
Egypt’s crude oil storage system is considered critical infrastructure within the country’s national energy value chain, strategically positioned to serve domestic and international markets.
The potential collaboration highlights AD Ports Group’s commitment to expanding its integrated ports, maritime, logistics, and industrial footprint in Egypt, one of its largest overseas markets, where it has announced approximately US$ 469mn in investment commitments since 2022.
“We are pleased to sign a Memorandum of Understanding with both AD Ports Group, one of our most important partners in trade and infrastructure, and TCM, to explore opportunities to maximize the value of Egypt’s advanced petroleum sector assets,” commented HE Eng. Karim Badawi, the Minister of Petroleum & Mineral Resources for Egypt.
Tangible benefits
“Guided by the vision of our wise leadership in the UAE, we are dedicated to advancing a closer, mutually beneficial economic relationship with our partners in Egypt, to deliver tangible benefits to the Egyptian and Emirati peoples, and supporting the success of our strategic partners,” remarked Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.
The MoU was signed in the presence of HE Eng. Karim Badawi, the Minister of Petroleum & Mineral Resources for the Arab Republic of Egypt; Sherif Mahmoud Issa, Ambassador of Egypt to the UAE; and Tamer Al Zeyadi, CEO, TCM Project Management. The MoU was signed by Ahmed Al Mutawa, Regional CEO, AD Ports Group; Nasser Shoman, Undersecretary of the Ministry of Petroleum and Mineral Resources, Egypt; and Mahmoud Farrag Omran, General Manager, TCM Project Management.
The crude oil storage facilities are positioned to play a pivotal role in regional energy security, supply chain resilience, and the facilitation of international crude oil trade flows, a press statement concluded.
