Business | Manifold Times

Egypt’s Ministry of Petroleum and Mineral Resources and the Suez Canal Authority (SCA) signed a memorandum of understanding (MoU) to establish a LNG liquefaction and bunkering station in the Raswa area of Port Said, the Suez Canal Authority said in a statement on Sunday (23 November). The MoU aims to secure gas supplies for the LNG liquefaction and storage station and to foster cooperation between petroleum sector companies and the authority in completing the necessary executive and technical procedures to begin work on implementing the new station. The project has undergone an in-depth study with the participation of international institutions from South Korea, in coordination with the Ministry of Planning, Economic Development and International Cooperation, to provide the necessary support for the implementation of the project. The SCA has also signed a separate MoU with its Korean counterparts outlining the details of the project, implementation conditions, and economic costs, with the project procedures reaching the final stages. SCA Chairman Osama Rabie said the project reflects the Suez Canal Authority's openness to align with global developments in the maritime transport industry, which is moving rapidly towards relying on cleaner fuels, in line with the International Maritime Organization’s (IMO) goals to reduce carbon emissions resulting from the maritime shipping sector. He said the station will serve the SCA's fleet of tugboats and ferries that will be converted to operate on LNG. Photo credit: Suez Canal Authority Egypt’s Petroleum Ministry and SCA ink MoU for LNG bunkering station in Port Said

Egypt’s Petroleum Ministry and SCA ink MoU for LNG bunkering station in Port Said

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Manifold Times

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