22 Hrs
Source:
الاقتصادية
Egypt OKs Fujairah Alamein Oil Free Zone
The Egyptian government has approved the establishment of a free zone called "Fujairah Alamein Oil and Gas" in the new city of Alamein in Matrouh Governorate, covering an area of 737,900 square meters, with the aim of storing and trading crude oil and petroleum products. This step is part of efforts to develop the Red Sea Port and enhance its regional center for storing and transferring crude oil, in cooperation with the Fujairah Oil and Gas Corporation in the UAE. It is required that the company operating the zone export 100% of its annual production, utilize at least 50% local content, and comply with environmental and industrial safety standards. Additionally, security measures such as watchtowers and cameras will be implemented to protect the area, under the supervision of the General Authority for Investment. This initiative aims to capitalize on Alamein’s oil infrastructure and strengthen the Red Sea Port’s position as a regional hub for storing and trading petroleum products.
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