Saudi oil storage in Egypt, marketing in Europe: Aramco

Daily News Egypt
2 Min Read
Aramco will resume oil product shipments to Egypt some six months after suddenly halting them

Minister of Petroleum and Mineral Resources Tarek El-Molla and the CEO of Aramco Trading Company, Ibrahim Al-Buainain, discussed ways to enhance joint cooperation and achieve sustainability in the commercial relations between Egypt’s petroleum sector and Aramco, and enhance cooperation in the supply of crude oil to be refined in Egypt.

El-Molla pointed out that the talks also dealt with cooperation in the field of petrochemical products trade and benefiting from the location of Egypt, which sits in a strategic location in Africa and represents a promising market, as well as realising common economic benefits.

During the meeting, they reviewed Egypt’s capabilities in the field of infrastructure, which were developed in the Sumed pipeline at the Ain Sokhna Port, which represents a model for joint Arab cooperation, as well as other projects being implemented within the framework of the national project to transform Egypt into a regional hub for production and trading of gas and oil.

“There are opportunities to increase the pumping of Saudi oil through the Sumed pipeline, which qualifies the Sidi Kreir region as an important centre to support the marketing of Aramco’s crude oil sales to Europe,” Al-Buainain said, pointing out that there are opportunities for investment and expansion of existing cooperation, such as Aramco using Egypt’s energy storages for Saudi oil products, including fuel oil in Ain Sokhna and diesel in Sidi Kreir to be exported to neighbouring countries.

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