UAE-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. 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. 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.