Cairo – Mubasher: Egypt-based the Arab Petroleum Pipelines Company (SUMED) on Tuesday has signed a strategic cooperation agreement with Saudi Aramco For Petroleum Products Trading Company (ATC).
The agreement entails providing 222,000 cubic metres of gas oil storage capacity in Egypt's Sidi Kerir Petrochemicals for re-export to Europe, according to a statement by the Egyptian Ministry of Petroleum.
The project, which started in October 2018, is forecast to be finished in April, the ministry’s statement added.
SUMED and ATC inked another deal to provide a place for storing fuel oil with a total capacity of 165,000 cubic metres at the Red Sea port of Ain Sokhna.
The Egyptian ministry further noted that these projects are part of its vision to raise revenues, as well as diversify energy sources.
Established in 1977, SUMED is a joint venture (JV) between Egyptian General Petroleum, Saudi Arabian Oil Company (Aramco), three Kuwaiti firms, and Qatar Petroleum (QP), while ATC is a subsidiary of Saudi state-run Aramco.