Aramco Trading Company (ATC), the trading arm of Saudi Aramco, has reportedly entered into two storage agreements with Arab Petroleum Pipelines Co. (SUMED), says a statement from Egypt’s petroleum ministry.
The first agreement revolves around SUMED providing 165,000 cubic metres (m3) of storage capacity in the Red Sea port of Ain Sokhna in Egypt to ATC for fuel oil to be used by the power plant and shipping industry as fuel.
The second agreement entails SUMED providing 222,000 m3 of gas oil storage capacity at the Sidi Kerir Petrochemicals facility in Egypt for re-export to Europe.
SUMED is a joint venture between Egyptian General Petroleum, Saudi Arabian Oil Company (Aramco), three Kuwaiti firms, and Qatar Petroleum (QP), while ATC is a subsidiary of Saudi state-run Aramco.
Published: 13 February, 2019
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