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.

Egypt SUMED Pipeline Yet to Accept Iran Oil After Sanctions - BLOOMBERG / ENERGY EGYPT

March 8, 2016

Egypt and Gulf Arab crude producers have yet to let Saudi Arabia’s regional rival Iran resume oil shipments through a pipeline they operate to supply customers in Europe and the Mediterranean Sea region, more than a month after international sanctions against Iran were lifted.

Arab Petroleum Pipelines Co., which operates the link known as SUMED, is still reviewing terms of the agreement that removed sanctions on Iran in January, according to a company official. The operator is seeking to ensure Iran complies with sanctions regulations before resuming oil shipments halted since August 2012, said the official, who asked not to be identified, citing company policy.

Egyptian General Petroleum Corp. owns 50 percent of SUMED, which connects the Red Sea with the Mediterranean. State-run Saudi Arabian Oil Co., known as Aramco, owns 15 percent of the link; International Petroleum Investment Co. of the United Arab Emirates, 15 percent; three Kuwaiti companies, 15 percent; and Qatar Petroleum, 5 percent, according to SUMED’s official website.