Egypt, Algeria sign crude oil MoU to enhance energy supply security and market stability

Egypt and Algeria signed a memorandum of understanding to establish a framework for cooperation in the purchase of Algerian crude oil, aimed at strengthening energy supply security, diversifying sourcing options, and supporting the stability of regional energy markets.

 

The agreement 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 MoU was concluded between the Egyptian General Petroleum Corporation (EGPC) and Algeria’s state-owned energy company Sonatrach, represented by EGPC CEO Saleh Abdel Karim and Sonatrach CEO Noureddine Daoudi, with the participation of senior officials from both sides and the Egyptian ambassador in Algiers.

 

The agreement sets an institutional framework for crude oil supply cooperation between the two countries, supporting Egypt’s efforts to secure domestic market needs and enhance the flexibility and resilience of its energy supply chain.

 

Officials said the deal reflects growing economic cooperation between Egypt and Algeria and supports broader regional efforts to strengthen integration in the energy sector.

 

Minister Badawi said the agreement builds on strong bilateral relations and contributes to Egypt’s strategy to diversify energy import sources and ensure supply stability amid global market fluctuations.

 

He added that expanding cooperation in crude oil trade also supports Egypt’s positioning 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 energy cooperation and improve long-term resilience in regional energy markets.