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Bilateral Talks with CEO of ARAMCO

Source: www.gulfoilandgas.com 9/11/2017, Location: Egypt

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Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources received Mr. Ibrahim Gassem Al-Buainain, President and CEO of Aramco Trading, a subsidiary of Aramco Global during his visit to Egypt in a field trip to the current infrastructure development projects being implemented by the Petroleum Sector. The projects include Pipelines, Reservoirs, Terminals and Refineries domains, as one of the main axes of transforming Egypt into a Regional Energy Trading and Exchanging Hub.

The Minister asserted on the strength of political, historical and economic ties between Egypt and Saudi Arabia and between the Petroleum Ministries of both countries and their keenness on consolidating such exquisite ties.

For his part, Mr. Ibrahim clarified that the relationship between Egypt and Saudi Arabia is characterized as close and inclusive, in addition that Egypt represents a historical and geographical interface to all Arab nations. He added that his visit to work locations affiliated to SUMED and MIDOR companies, as well as a number of other petroleum projects reflects Egypt’s intent to transform into a Regional Hub For Trading and Exchanging Energy. He signaled that there are strong investment opportunities, which includes increasing the quantity of Saudi Oil pumped through SUMED pipelines alongside transforming Sidi Krir area into a main location for boosting distribution of ARAMCO crude to Europe and exploiting surplus capacities in Egyptian refineries for refining Saudi crude. He added that they are studying the possibility of using Egyptian storage capacities to store Saudi petroleum as a launch point for sales of LPG and petroleum products to Egypt and neighboring countries.

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