EUAE-based Fleet Energy has signed an operations and maintenance contract with Egypt’s Engineering for the Petroleum and Process Industries (EPROM) to develop a petroleum logistics project in East Port Said, part of the Suez Canal Corridor.
The $500 million project will cover 289,000 square meters and include a marine port, jetty, and tank farm with a capacity of 620,000 cubic meters. It will serve as a hub for receiving, storing, blending, and re-exporting petroleum products.
Fleet Energy, chaired by Ahmed Kafafi, said the venture is aligned with international health, safety, and environmental standards. Construction is expected to generate about 2,000 indirect jobs, with 1,000 direct jobs created once operations begin.
Industry analysts say the project underscores Egypt’s strategy to expand its role as a global energy hub. “This facility provides a vital strategic reserve of petroleum products and reinforces Egypt’s positioning on global trade routes,” said Ali El-Ramady, an energy economist.
EPROM, led by Chairman Hossam Asaad, has experience in managing petroleum facilities both in Egypt and abroad. The deal strengthens its reputation as a regional operations partner.
People familiar with the matter said Fleet Energy is exploring a second phase that could lift total storage capacity above 1 million cubic meters and raise investments to nearly $800 million by 2030.
With nearly 12% of world trade transiting the Suez Canal, the project highlights the strategic importance of Egypt’s logistics sector at a time of shifting global energy flows.