During the second day of EGYPS 2022, Minister of Petroleum and Mineral Resources Tarek El Molla witnessed the signing of joint agreements between the petroleum sector and the Saudi Aramco Group, the ministry said in a statement.

The agreements fall within the framework of the executive procedures for the construction stages of the petrochemical complex in the Suez Canal Corridor area of ​​the Red Sea National Petrochemicals Company.

The signed agreements address several key areas to expedite the implementation of this giant complex, foremost of which is the Principles Agreement to provide crude. The agreement will secure the needs of the Red Sea National Petrochemicals Company for very light crude due to its quality and suitability for the design of the petrochemical complex.

Meanwhile, a contract for importing essential oils was signed between the Egyptian General Petroleum Corporation (EGPC) and the Saudi Aramco Base Oil Company (Luberef), which contributes to meeting the needs of the Egyptian local market. The agreement was signed by EGPC’s Chairman Alaa El Batal and Luberef’s President Tareq Alnuaim.