Aramco may store Saudi oil in Egyptian SUMED warehouses – oil minister

Egyptian petroleum ministry is studying the possibility that Saudi oil company Aramco could use state-run Arab Petroleum Pipelines Company’s (SUMED)current warehouse to store Saudi oil.

Minister Tarek El-Molla stated Tuesday that the ministry also studying the potential of using new storage projects of SUMED as a centre for promoting Saudi company’s sales of butane in Egypt and neighbor countries.

The Egyptian ministry has an approach to convert Sidi Kerir region into a major centre to enhance promoting Aramco’s sales of crude to Europe, the minister added.

He clarified that a number of projects including warehouses in Ain Sukhna for butane and heating oil in addition to establishing pier to receive carriers of Liquefied Natural Gas (LNG), butane, and heating oil are currently being executed.

El-Molla pointed out that those projects are set to participate in completing basic infrastructure of transporting petroleum products. This comes in the framework of ministry’s strategy to secure supplying petroleum products and natural gas, in addition to converting Egypt into core regional centre for energy.

The minister noted that economic and political relations between two states are deep and strong and greatly affected joint cooperation in petroleum sector to achieve maximum economic benefit.