Cairo: Egypt's petroleum and mineral resources sector has signed two memoranda of understanding with UAE-based International Resources Holding (IRH) to enhance cooperation in mining and energy finance.

According to State Information Service Egypt, the first memorandum of understanding between the Egyptian Mineral Resources Authority (EMRA) and IRH focuses on providing technical support for Egypt's aerial survey of mining opportunities. This agreement also includes the launch of a digital platform aimed at improving access to survey results, aligning with Egypt's Vision 2030 by advancing mineral exploration.

The second memorandum, signed between the Egyptian General Petroleum Corporation (EGPC) and IRH, is centered on commercial financing for the sale and purchase of crude oil, liquefied gas, and other petroleum products. It also establishes a framework designed to reduce financing costs for petroleum products through competitive rates.

The signing of these agreements was witnessed by Egypt's Minister of Petroleum and Mineral Resources Karim Badawy and Mariam bint Mohammed Almheiri, Chair of the International Affairs Office at the UAE Presidential Court and CEO of 2PointZero, a subsidiary of IRH. The agreements follow recent discussions in Cairo and are set to deepen economic cooperation between Egypt and the UAE in both the mining and petroleum finance sectors.