Crude oil producers in Egypt and Gulf States have yet to let Iran resume oil shipments through a pipeline they operate to supply customers in Europe and the Mediterranean Sea region, Bloomberg reported.
International sanctions against Iran were lifted over a month ago, but Arab Petroleum Pipelines Co., which operates the link known as SuMed, is still reviewing the terms of the agreement, a company official said on condition of anonymity.
SuMed provides an alternative transit route for oil cargoes from the Gulf region to the Mediterranean that are too large to be shipped through the Suez Canal.
Oil shipments have been halted since August 2012, but before they are resumed, the operator wants to ensure that Iran complies with sanctions regulations, The Daily Star reported.
Egyptian General Petroleum Corporation (EGPC) owns 50% of SuMed, which connects the Red Sea with the Mediterranean. State-run Saudi Arabian Oil Co., known as Aramco, owns 15% of the link; International Petroleum Investment Co. of the United Arab Emirates 15%; three Kuwaiti companies 15%; and Qatar Petroleum 5%, according to SuMed’s official website.