Tuesday, September 12, 2017

Saudi Aramco plans extra SUMED crude oil sales: report - PLATTS

Cairo (Platts)--12 Sep 2017 725 am EDT/1125 GMT
Sherif Elhelwa, Edited by Adal Mirza

State oil giant Saudi Aramco is planning to sell more of its crude oil to Europe using the SUMED pipeline in Egypt, a senior official at Aramco Trading was cited as saying Monday.

The statement from Ibrahim Al-Buainain, CEO of Aramco Trading, followed a meeting with Egyptian oil minister Tarek el-Molla on Monday, Egypt-based information service Egypt Oil & Gas reported.

Buainain also said Aramco Trading was looking at using Egyptian refineries to process Saudi crude with the products stored at Sidi Kerir for sale in Egypt and to its neighbors.

The 320-km, 42-inch SUMED pipeline connects Ain Sokhna on the Red Sea to Sidi Kerir on the Mediterranean.

It is operated by the Arab Petroleum Pipelines Co., a joint venture of state entities from five countries -- Egypt, Kuwait, Saudi Arabia, Qatar and the UAE.

Sidi Kerir has a total storage capacity of 3.3 million cu m. Crude oil is delivered though six single-point moorings which accommodate tankers of up to 400,000 dwt.