Egypt, Saudi Aramco sign oil deal: minister

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Egypt’s Petroleum Minister Tarek el-Molla witnessed Tuesday the ceremony of signing of a deal between Egypt’s Arab Petroleum Pipelines Co. (SUMED) and Saudi Aramco’s trading arm, Aramco Trading Co. (ATC) to provide 222,000 cubic meters of gas oil storage capacity in Sidi Kerir for re-export to Europe.

The firms also signed a second deal to supply fuel oil storage capacity of 165,000 cubic meters in Red Sea port of Ain Sokhna, a statement by the Petroleum Ministry said.

That deal may include re-exporting and supplying fuel oil to power plants in Saudi Arabia, meeting the needs of the Egyptian market and providing fuel to ships in the region, according to the statement.

The deals were signed on the sidelines of an energy forum in Cairo.

Source: Reuters