In August, Egypt approved the establishment of Fujairah Alamein Oil and Gas Company, a joint Egyptian-Emirati stock company that will operate a special free zone in New Alamein for storing and trading crude oil and petroleum products.
The constituent general assembly of the newly established entity convened at the Hamra Petroleum Port in New Alamein, operated by the Western Desert Operating Petroleum Company (WEPCO).
The meeting was attended by Mohamed Saeed Al-Dhanhani, director of the Fujairah Executive Council, alongside Egyptian Minister of Petroleum and Mineral Resources Karim Badawi, senior Egyptian energy officials, and executive board members of the new joint venture.
Madbouly highlighted President Abdel-Fattah El-Sisi's close follow-up of the strategic project and reiterated government directives to fast-track the establishment of a specialized private free zone under the company's name in New Alamein. The zone will be dedicated to the storage, handling, and trading of crude oil and petroleum products.
"This project marks a vital addition to Egypt's energy ecosystem," Madbouly said, stressing the need to accelerate construction to achieve full operational readiness.
Al-Dhanhani expressed appreciation for the Egyptian government's support, noting that the initiative is being carried out under the direct guidance of Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, to expand bilateral economic ties.
The project aims to reinforce Egypt’s positioning as a Mediterranean energy trading hub by upgrading facilities at the Hamra Petroleum Port.
By replicating the global storage and bunkering model of the Fujairah Oil Industry Zone, the facility will make use of existing coastal infrastructure to maximize economic returns from crude storage and logistics services.
Minister Badawi affirmed that joint technical teams are working on a strict timeline to clear regulatory frameworks and operational milestones. Madbouly confirmed that he would conduct periodic reviews to monitor the project's progress on the ground.
Egypt’s energy strategy to 2030 is centred on securing reliable supplies while reducing the economy’s heavy dependence on natural gas and other fossil fuels. Its core target is to lift renewables’ share of the national electricity mix to more than 42 percent by 2030, supported by major solar, wind, battery-storage, grid-expansion, and energy-efficiency investments.
The strategy also aims to revive domestic oil and gas output, develop nuclear power, expand low-carbon hydrogen production, and reinforce Egypt’s role as a regional energy and electricity-trading hub.
Egypt's strategy relies heavily on private investment and partnerships with international developers rather than exclusively on public spending. The government has been using land allocation, long-term power-purchase arrangements, concessional finance, sovereign support, and regulatory reforms to attract investors to solar, wind, and storage projects.
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