UAE - Mubasher: Israel's Europe Asia Pipeline Co (EAPC) has signed a Memorandum of Understanding (MoU) with MED-RED Land Bridge to transport oil products from the UAE to Europe via EAPC's pipeline and storage.

Under the agreement, a land bridge will be established between the Mediterranean and the Red Sea, which will increase the quantities of transported oil by millions of tonnes annually, according to a press release on Wednesday.

Hence, the MoU provides oil producers with the most efficient and cost-effective way to transport oil products from the Arabian Gulf to consumers in Europe.

In addition, consumers in the Far East will have access to oil produced in the Mediterranean and Black Sea regions.

MED-RED Land Bridge is a joint venture between Petromal, Abu Dhabi-based integrated oil and gas services company; Israeli firm AF Entrepreneurship; and Lubber Line, which focuses on investing in international projects across the infrastructure and energy sectors.