Prime Minister, Mostafa Madbouly, recently convened a meeting with officials from the Emirate Brooge Petroleum and Gas Investment Company Terminal (BPGIC) to explore the possibility of signing an initial agreement between Egypt and the company, according to a statement issued by the Cabinet.

The agreement aims to establish a specialized free zone dedicated to petroleum production, as stated by the Cabinet.

The primary objective of this agreement is to strengthen collaboration between the two nations in the oil and gas sector, with a particular focus on implementing infrastructure and service projects within Egypt’s petroleum industry.

The partnership encompasses a wide range of activities, including petroleum production, storage, trading, import, export, re-export, refining, and the production of petroleum derivatives.

The company’s expertise is expected to yield significant economic benefits for both countries, promoting economic growth and bolstering bilateral ties.

In another development, in March, Minister of Trade and Industry Ahmed Samir announced Egypt’s plans to substantially increase both petroleum and non-petroleum exports, aiming to reach $145 billion annually within the next six years, a significant increase from the current $53 billion level.

Additionally, Egypt has set goals, including achieving an annual industrial production growth rate of 20 percent, increasing the green economy’s contribution to the gross domestic product (GDP) to a minimum of 5 percent, and generating 7 to 8 million job opportunities.

Egypt Today