SUMED and SRPC sign a Term Sheet for crude oil and petroleum handling, lowering SRPC's project costs and supporting Egypt's economy.

The Arab Petroleum Pipelines Company (SUMED) has signed a Term Sheet with Soukhna Refinery and Petrochemical Company (SRPC) for the handling and storage of crude oil and petroleum products. This agreement will lower construction costs by $700 million for SRPC's project, now totaling $4.7 billion. The SUMED Pipeline, which links the Red Sea to the Mediterranean, offers an alternative route for transporting oil to Europe from the Persian Gulf, supporting Egypt's economy.

October 22, 2024
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