BREAKING NEWS: Yutime Petroleum Signs MoU with Fujairah Oil Industry Zone

Yutime Petroleum and Fujairah Oil Industry Zone have signed a memorandum of understanding (MoU) to establish a new integrated petroleum hub in the Middle East.

The project aims to supply petroleum products to Egypt’s domestic market and provide a strategic storage and distribution center for the region.

The MoU was signed by Yutime Petroleum CEO, Mr. Ahmed El-Attar, and Fujairah Oil Industry Zone CEO, Mr. Mohammed Al-Kathiri. The signing ceremony was held at the Fujairah Oil Industry Zone headquarters.

The project will involve the construction of a new petroleum storage and distribution terminal at the Fujairah Oil Industry Zone. The terminal will have a capacity of up to 1 million cubic meters of petroleum products.

The project is expected to be completed by 2025. Once operational, it will create up to 500 new jobs and contribute significantly to the economic development of the region.