Israels EAPC has signed a binding MOU with theMED-RED JV to create a land bridge between the Mediterranean Sea and the RedSea

        MED-RED is a joint venture between Petromal, anintegrated oil and gas company based in Abu Dhabi, and other Israeli companies

        The agreement is likely to increase thetransferred quantities by tens of millions of tons per year

Israeli state-owned company Europe-AsiaPipeline Company (EAPC) and MED-RED Land Bridge Ltd. (MRLB), signed a bindingMOU for the collaboration in storing and transferring of oil and oil products throughthe EAPC pipeline network and storage tanks, from the UAE and other Eastern marketsto the Western markets, and from the Mediterranean to the Far East.

MRLBis a joint venture between Petromal, an integrated oil and gas company based inAbu Dhabi, and Lubber Line, an international company owned by Yariv Elbaz,which specializes in investment in international projects in the infrastructureand energy sectors; and AF Entrepreneurship, an Israeli company owned by YonaFogel and Malachi Alper, two of Israels most seasoned business executives,which develops and operates projects and ventures in the energy sector.

The signing ceremony in Abu Dhabi concluded several weeks of negotiations among theparties to create one of the first public-private-partnerships between anIsraeli state owned company and a JV with a UAE based company since the signingof the Abraham accords this past August.

The signing ceremony was held during the first Abraham Accords summit inAbu-Dhabi  attended by Steven Mnuchin,United States Secretary of the Treasury, H.E. Obaid Humaid Al Tayer, Ministerof State for Financial Affairs, His Excellency Hisham Abd Ahmid Ahmid, Chairmanof Petromal.

The collaboration is significant news for the global energy market, since it offersoil producers and refiners the shortest most efficient and cost-effective routeto transport oil and oil products from the Arabian Gulf to the consumptioncenters in the West, and provides access for consumers in the Far East to oilproduced in the Mediterranean and Black Sea regions. MED-RED is in advancednegotiations with major players in the West and in the East for long-term serviceagreements.

According to the MOU, EAPC will provide management services of the infrastructure,enabling transmission, and storageof the oil and oil products.

The geopolitical changes in the Middle East as witnessed by the Abraham Accords recentlysigned between Israel and the UAE, spearheaded by the Trump administration, haveopened endless opportunities for mutual endeavors in diverse areas, including theenergy sector. The MOU signed today is a living testament in the spirit of theAbraham Accords and an important milestone in harvesting the fruits of theAccord towards the goal of regional peace and normalization in the Middle East.

H.E. Hisham Abd Ahmid Ahmid, Petromal Chairman;We are pleased that Petromal is part of this public-private-partnership, thefirst of its kind since signing the historic agreement between the UAE andIsrael. We look forward to working closely with our new partners to executethis venture and add value to the global energy security. This opportunitywould not have been possible had it not been for the signing of the Abraham Accord,and we continue to look for more areas of collaborations to generate more valuefor both UAE and Israel Economies.

Erez Halfon, EAPC Chairman: This is a historic agreement,which further broadens EAPCs international collaborations. There is no doubtthat this agreement is of high importance to the Israeli market, botheconomically and strategically, with joint investments extending a decade intothe future. I am thrilled about this collaboration with our friends from theUAE, our neighbors in the Middle East. This commercial agreement has cleargeopolitical significance.

Itzik Levy, EAPC CEO: The MOU which was signed today isa historic milestone which will strengthen the Israeli economy, ensure energysecurity for the countries in the region, and propel EAPC and the Israelieconomy forward.