Egypt and Algeria signed two energy agreements this week during Egyptian petroleum minister Karim Badawi’s visit to Algiers, “aimed at strengthening energy security and enhancing supply flexibility, as part of broader efforts to deepen bilateral cooperation in the petroleum sector,” an Egyptian petroleum ministry statement said.
The first agreement is an MoU between state firms EGPC and Sonatrach establishing a framework for Egyptian purchases of Algerian crude oil. The deal is intended to “to secure the needs of the domestic market, enhance the flexibility and sustainability of the supply chain, and further bolster Egypt’s position as a regional hub for petroleum trade,” Egypt’s petroleum ministry said. (CONTINUED - 223 WORDS)
