The Europe-Asia Pipeline Company and MED-RED Land Bridge have signed a memorandum of understanding (MOU) for the storage and transfer of oil products through the former’s pipeline network and storage tanks.
The Israeli state-owned company will carry out the work from the UAE and other Eastern and Western markets, and from the Mediterranean to the Far East.
MED-RED Land Bridge is a joint venture between Abu Dhabi-based Petromal and Lubber Line, an international company owned by Yariv Elbaz, and AF Entrepreneurship, an Israeli company owned by Yona Fogel and Malachi Alper, which develops and operates projects and ventures in the energy sector.
This is one of the first public-private partnerships between an Israeli state-owned company and a UAE-based company since the signing of the Abraham accords in August.
The collaboration offers oil producers and refiners the shortest and cost-effective route to transport oil and oil products from the Arabian Gulf to the consumption centres in the West.
The geopolitical changes in the Middle East as witnessed by the Abraham Accords recently signed between Israel and the UAE, spearheaded by the Trump administration, have opened new opportunities in the energy sector.
HE Hisham Abd Ahmid Ahmid, the Petromal chairman, said: “We are pleased that Petromal is part of this public-private partnership, the first of its kind since signing the historic agreement between the UAE and Israel.”
Erez Halfon, the Europe-Asia Pipeline Company chairman, added: “This is a historic agreement, which further broadens EAPC’s international collaborations. There is no doubt that this agreement is of high importance to the Israeli market, both economically and strategically, with joint investments extending a decade into the future.”
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