The Arab Petroleum Pipeline Co (SUMED) recorded exceptional figures in its net profit which counted for LE 1.2 billion and the quantity of crude oil shipped last year.
The announcements came during the company’s general assembly, attended by the Egyptian Minister of Petroleum Sameh Fahmy. SUMED, 50% owned by Egypt and the remaining share owned by Saudi Arabia, Kuwait, United Arab Emirates and Qatar, marked its highest revenue rate on its head count since its establishment, totaled to 50%.
Mustapha Gomaa, SUMED Chairman, clarified that the company is classified as one of the leading corporations in the international petroleum transportation field especially after the inauguration of 320 km-pipelines linking Al-Ain Al-Sokhna Port in the Gulf of Suez to Sidi Kerir Port in the Mediterranean Sea to transport crude oil. The quantity of shipped crude oil in 2006 counted for nearly 113 million tons, which represents the highest quantity rate since 1999. Also, it makes up around 96% of the total company’s maximum transport capacity, which is 117 million tons.
Fahmy referred to the success achieved by SUMED to shed the light on the vitality of supporting the mutual Arab cooperation in the petroleum field is one the main strategic goals being considered as one of the main economic sector.
The cooperation and coordination between SUMED and the Suez Canal resulted in boosting the revenues for both; 98% of the exports of Arab Gulf to Europe and the United States passed through Egypt first, said Gomaa.
Focuing on SUMED, the total company’s revenue during 2006 counted for approximately $397 million, which represents the highest rate SUMED has ever achieved since its establishment. As for the net profit, it was about $200.5 million.