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Sumed set to become center of international crude oil exchange
The Arab Petroleum Pipelines Co. (Sumed) will establish five new storage tankers at Sidi Kreir, the loading terminal at the northern end of the Sumed pipeline, increasing its storage capacity to 20 million barrels of oil per day.
The move is set to transform the area into a hub for international petroleum and crude oil exchange, Minister of Petroleum Sameh Fahmy said during his visit to Sumed in the Mediterranean city of Sidi Kreir on Sunday.
The Arab Petroleum Pipelines Co. (Sumed) will establish five new storage tankers at Sidi Kreir, the loading terminal at the northern end of the Sumed pipeline, increasing its storage capacity to 20 million barrels of oil per day.
The move is set to transform the area into a hub for international petroleum and crude oil exchange, Minister of Petroleum Sameh Fahmy said during his visit to Sumed in the Mediterranean city of Sidi Kreir on Sunday.
The Sumed pipeline, established in 1977, is a joint venture between Egypt, Saudi Arabia, Kuwait, the United Arab Emirates and Qatar. The pipeline, which has a capacity of 2.5 million barrels of oil a day, pumped a record 113 million tons last year, up from 111.6 million tons in 2005, the company said in a statement.
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