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Egypt and UAE plan Red Sea oil expansion
Egypt and the United Arab Emirates are exploring ways to enhance their investments in the Egyptian petroleum sector, particularly in areas such as jet fuel supply, exploration and research, and oil and gas production. Officials clarified that the Egyptian government's success in settling its dues has strengthened investor confidence and contributed to improving the investment environment. An agreement was also reached to establish a team responsible for preparing a development plan to expand in the region, especially in the Red Sea, with the aim of increasing production and boosting energy security.
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