Egypt's Sumid and Saudi Aramco sign two agreements to store petroleum products
The Egyptian Petroleum Ministry said on Tuesday that the Arab Petroleum Pipeline Company (SUMED) signed two agreements with the Saudi oil company Aramco to store petroleum products in the country.
The ministry said in a statement that one of the contracts is to provide storage capacity for gas oil (diesel) with a capacity of 222 thousand cubic meters in Sidi Kerir on the Mediterranean for the purpose of re-export.
The Egyptian General Petroleum Corporation (EGPC) owns half of Sumeid, which owns and operates the Egyptian port of Sidi Kerir overlooking the Mediterranean coast, while the other half owns a group of four Gulf states - Saudi Arabia, Kuwait, United Arab Emirates and Qatar.
The ministry added that the second contract is to provide storage capacity of 165,000 cubic meters of fuel oil in Ain Sukhna on the Red Sea to supply or re-export the power plants in Saudi Arabia or to provide the needs of the local Egyptian market or to provide fuel for ships in the region.
According to the ministry, Sidi Kerir's project came into operation last October, while the Ain Sukhna project will be completed in April.