Arab Petroleum Pipelines Company (SUMED) signed a cooperation agreement with Saudi Aramco Products Trading Company’s (ATC) to secure storage capacities for trading and storing high quality Euro Standard diesel, Egypt Oil & Gas reports.
The project has a total storage capacity of 222,000 cubic meters in Sidi Krir and will be re-exported to European Markets.
The agreement was signed on the sidelines of the Egypt Petroleum Show (EGYPS) 2019, after it was drafted in October 2018 and was considered a pillar of the Ministry of Petroleum’s strategy to turn Egypt into an oil and gas regional trading hub.
The two contracts were signed by the CEO of ATC, Ibrahim Al-Buainain, and SUMED’s Chariman and Managing Director, Mohamed Abdelhafez, in the attendance of petroleum minister Tarek El Molla.
Meanwhile, Egypt contracted ATC to use SUMED’s offshore platform in Ain Sokhna and its facilities to receive, store, and trade mazut with a capacity of 175,000 cubic meters.