Egypt’s Arab Petroleum Pipelines Company (SUMED) renewed its contract for the storage and transportation of crude oil with Kuwait Petroleum Corporation (KPC), according to Kuwait News Agency (KUNA).
KPC aims to strengthen its position in northwest Europe and the Mediterranean and to eventually increase Kuwait’s market share.
The contract was renewed during the third Kuwait Oil & Gas Show Conference (KOGS 2017). The conference is being held in Kuwait from October 15th to October 18th, Amwal Al Ghad reports.
SUMED is a joint venture between Egypt, Saudi Arabia, UAE, Qatar, and Kuwait. It owns the SUMED pipeline which runs from the Ain Sokhna terminal on the Red Sea to the Sidi Kerir terminal in the Mediterranean Sea.
KPC is Kuwait’s national oil company and is headquartered in Kuwait City.