The Egyptian cabinet extended the Arab Petroleum Pipeline Company’s (SUMED’s) mandate for an additional 27 years, Egypt Oil & Gas reports.
SUMED is state-sanctioned joint venture between the Egyptian General Petroleum Corporation (EGPC), Saudi Aramco, Emirati IPIC, Qatari QGPC, and three Kuwaiti companies.
It operates two parallel pipelines between the Red Sea oil terminal, Ain Sukhna, and the Mediterranean oil terminal, Sidi Kreir, according to the company’s website. Both facilities contain docking and storage capabilities.
In July, Minister of Petroleum and Mineral Resources Tarek El Molla visited SUMED’s facilities at the Ain Sukhna to review the experimental work conducted by the company at the port.
SUMED has invested an estimated $415 million in the Ain Sukhna port. The project includes a 2.5 kilometer platform with a 19-meter depth. It also includes liquefied natural gas (LNG) carriers, product carriers, and three anchors to receive floating storage regasification units (FSRUs), according to the head of SUMED, Mohamed Abdel Hafez.
Law 10 for 1992 provided for the establishment of SUMED.