Misr Insurance compensates SUMED $2.4 mln for turbine breakdown

Egypt’s Misr Insurance Company said Wednesday it had paid Arab Petroleum Pipelines Company – SUMED $2.4 million compensation as one of SUMED’s turbines suffered irreparable damage.

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.

Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, further told Amwal Al Ghad that SUMED’s insurance policy involves providing coverage against all risks of fire, burglary, machinery breakdown, and civil liability.