Abu dhabi: AD Ports Group, Egypt's Ministry of Petroleum and Mineral Resources, and TCM Project Management have signed a Memorandum of Understanding (MoU) to explore joint operation and development of Egypt's strategic crude oil storage network. This initiative aims to enhance Egypt's crude oil storage infrastructure, which plays a vital role in the country's national energy value chain, serving both domestic and international markets.
According to Emirates News Agency, the potential collaboration emphasizes AD Ports Group's ongoing commitment to expanding its integrated ports, maritime, logistics, and industrial presence in Egypt. Since 2022, AD Ports Group has announced investment commitments totaling approximately US$469 million in Egypt, highlighting the importance of the Egyptian market as one of its largest overseas ventures.
Karim Badawi, the Minister of Petroleum and Mineral Resources for Egypt, expressed satisfaction with the partnership. He emphasized that the MoU would help maximize the value of Egypt's petroleum sector assets, particularly the strategic crude oil storage facilities. Badawi noted that this collaboration aligns with the Ministry's strategy to enhance regional cooperation, especially with the United Arab Emirates.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, highlighted the strategic interest of the Group in Egypt. He mentioned that the joint operation and development of Egypt's crude oil storage network reflect the Group's commitment to leveraging its integrated business model across various sectors, aiming to support the economic objectives of the Egyptian government.
The MoU signing event was attended by notable figures including Karim Badawi, Sherif Mahmoud Issa, the Ambassador of Egypt to the UAE, and Tamer Al Zeyadi, CEO of TCM Project Management. The agreement was signed by Ahmed Al Mutawa, Regional CEO of AD Ports Group; Nasser Shoman, Under-Secretary of the Ministry of Petroleum and Mineral Resources of Egypt; and Mahmoud Farrag Omran, General Manager of TCM Project Management.
The partnership aims to integrate AD Ports Group's operational expertise and digital capabilities with Egypt's energy infrastructure, contributing to regional energy security and facilitating international crude oil trade. This collaboration aligns with AD Ports Group's broader international expansion goals and diversification strategy, positioning Egypt as a core market alongside Spain. The Group's business clusters are set to drive economic growth and technological advancement in the region.
