Minister of Petroleum and Mineral Resources Tarek El Molla welcomed a delegation from Kuwait Petroleum Corporation (KPC) headed by Nabil Bourisly, the Managing Director of International Marketing, with whom he discussed joint investments strategies, Egypt Oil&Gas reported, citing a ministry’s press release.
The minister stated that the negotiations included a study on the increasing use of delivery and storage facilitations in the Arab Petroleum Pipelines Co. (SUMED) location in Ain Sokhna and SidiKerir Petrochemicals (SIDPEC).
They also discussed increasing the storage capacity in order to utilize the strategic location and the available infrastructure, and boosting the added value.
El Molla also added that a study has been debated about establishing new integrated projects in the refinement and petrochemicals, within the ministry’s strategy to transform Egypt into a regional hub for energy and efficiently utilize the country’s resources.
In addition, according to the minister, the delegation studied the possibility of refining Kuwaiti oil in the Egyptian refineries and marketing for the refined products in the external markets. The goal is to provide the oil sector with sufficient refinery capacity within the next two years.
On his part, General Manager of KPC stated that this approach is in line with the Kuwaiti strategy to increase production to 4mb/d by 2020 and utilize Egypt’s strategic location. KPC further aims to take advantage of the flexibility of the infrastructure of SUMED in order to ship its crude to Europe and other countries. He added that Kuwait currently seeks to move to the promising African market, to which Egypt will be a gate.