Saudi Arabia’s Aramco and Saudi Basic Industries Corporation (SABIC) signed agreements with the Arab Petroleum Pipelines Company (SUMED) worth $2 billion to establish petrochemical projects in the Mediterranean region, Abdullah bin Mahfouz, Vice Chairman of Saudi-Egyptian Business Council, told Al Borsa News.

The two countries agreed in a business forum held on February 23 that through projects in the Suez Canal region, Egypt will be the gate for Saudi Arabia to the African continent,  bin Mahfouz noted.

SUMED signed a cooperation agreement with Saudi Aramco Products Trading Company’s (ATC) on the sidelines of EGYPS 2019 to secure storage capacities for trading and storing high quality Euro Standard diesel, Egypt Oil & Gas previously reported.