There are good opportunities for investment and expansion of existing cooperation between Egypt and Saudi Aramco, said Ibrahim al-Buainain, CEO of Aramco Trading Company, a subsidiary of Saudi Aramco, Egypt Oil & Gas reports.
This came as the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with al-Buainain to discuss means to enhance joint cooperation and achieve sustainable commercial relations between the Egyptian oil and gas sector and Aramco.
The meeting reviewed ways to support the existing cooperation represented in the supply of crude oil for Middle East Oil Refinery (Midor), as well as providing petroleum products including mazut, diesel and benzene.
El Molla said that the meeting also reviewed cooperation in the trade of petrochemical products. He emphasized how Egypt’s geographical location and demographics can benefit Aramco.
Al-Buainain raised the possibility of increasing the pumping of Saudi crude through the pipeline owned by the Arab Petroleum Pipelines Company (SUMED). The Sidi Kerir region is an important hub to support the marketing of Aramco crude to Europe.
Aramco eyes using Egypt’s future storage facilities in Ain Sokhna to store Saudi petroleum products. In addition, diesel warehouses in Sidi Kerir could be used as a starting point for Saudi products to be delivered to neighboring markets.