Egypt and Algeria sign crude oil MoU to enhance energy supply security and market stability
via Egypt Today2 min read
Egypt and Algeria have signed a memorandum of understanding to establish a framework for cooperation in the purchase of Algerian crude oil. This agreement aims to strengthen energy supply security, diversify sourcing options, and support the stability of regional energy markets. The MoU was signed during an official visit by Minister of Petroleum and Mineral Resources Karim Badawi to Algeria, in the presence of Algerian Minister of Energy and Mines Mohamed Arkab. The Egyptian General Petroleum Corporation and Algeria鈥檚 state-owned energy company Sonatrach concluded the deal, represented by EGPC CEO Saleh Abdel Karim and Sonatrach CEO Noureddine Daoudi. This agreement provides an institutional framework for crude oil supply cooperation, supporting Egypt鈥檚 efforts to secure domestic market needs and enhance its energy supply chain's flexibility and resilience. Officials stated that the deal reflects growing economic cooperation between the two nations and supports broader regional efforts to strengthen energy sector integration. Minister Badawi emphasized that the agreement builds on strong bilateral relations and contributes to Egypt鈥檚 strategy to diversify energy import sources and ensure supply stability amidst global market fluctuations. He also noted that expanding cooperation in crude oil trade supports Egypt鈥檚 role as a regional energy hub, leveraging its infrastructure and refining capabilities. The MoU is part of wider efforts by both countries to deepen economic and e
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