National Bank of Egypt signs $100 mln with SUMED

Egypt’s biggest public lender, National Bank of Egypt (NBE) has signed Wednesday a $100 million loan with Arab Petroleum Pipelines Company – SUMED.

The loan will go for financing a project to build a pier, a storage and trading centre for petroleum products in Ain Sokhna, in Suez governorate.

SUMED is half owned by state run oil company Egyptian General Petroleum Corp (EGPC) while a group of four other Gulf Arab countries – Saudi Arabia, Kuwait, United Arab Emirates and Qatar – own the other half.

The project involves two phases; the first is to build a pier with the length of 2 kilometres and with the depth of 19 metres, designated to receive terminals carrying petroleum products and LNGs. The second includes building a centre for receiving, storing, and trading butane and fuel oil.

The first phase is scheduled for completion by the end of March 2017.