A press release to Egypt Oil&Gas stated that Minister of Petroleum and Mineral Resources, Tarek El Molla, attended the signing of a $300m agreement, signed by Sumed Company and the National Bank of Kuwait (NBK), to finance part of a project to store petroleum products and natural gas in Ain Sukhna port.

El Molla said that Egypt is aiming to develop and establish basic petroleum infrastructure projects in order to achieve its target in becoming a strategic regional center for energy. The ministry is further processing projects that include the development of gas production fields, boosting refining capacities, and exploiting surplus production of crude oil, petroleum products and natural gas.

The agreement was signed by Sumed Company’s Chairman, Mohamed Abd El Hafez, and NBK’s CEO, Yasser Ismail.

El Hafez explained that the project includes the construction of a sea berth with a length of 2.4km for the import and export of petroleum products and natural gas, three piers to receive liquefied natural gas (LNG) tankers and various petroleum products up to 160,000 tons.

He further stated that the project also establishes the construction of warehouses over 20 months with a total capacity of about 300,000 cubic meters.