The Egyptian Ministry of Transportation has announced the signing of an Egyptian-Korean agreement for the export of Libyan oil to Europe, through the Jarjoub seaport.
Egypt and the South Korean company, STX signed a MoU regarding development activities and strategic partnership in the economic zone of Jarjoub, located in the Egyptian governorate of Matrouh.
The agreement includes the establishment of an industrial logistics zone, and the Jarjoub seaport. This is part of the strategic plan for the development of the Matrouh region.
This involves the development of the Jarjoub port and its industrial logistics zone, the construction of silos for grains to meet the demands of Egypt, as well as re-exportation.
The agreement encompasses the creation of an oil pipeline from Libya for re-exportation to Europe.
Additionally, a factory will be established for the reassembly of used cars imported from Korea and Japan, which will be re-exported to African countries.
Furthermore, a container station will be established at the port to serve goods coming from East Asia, and heading to North and South America.
Finally, a logistics base will be created to provide shipping lines for Egypt.
The Egyptian Minister of Transportation, Kamel Al-Wazi emphasised that this agreement “aligns with President Abdel-Fattah El-Sisi’s directives to make Egypt a global center for trade and logistics. The agreement is also part of the strategic plan of the state and the development of the Matrouh region.”
He highlighted that establishing the economic zone in Jarjoub, “serves as a model for creating a comprehensive economic, trade, and logistics center, contributing to supporting the Egyptian economy and facilitating trade between Egypt, Europe, Mediterranean Basin countries, and African nations.”