The Egyptian state news agency (MENA) on Friday confirmed that the concession had been given to Oiltanking Group and its Egypt-based partners.

It said concession had been awarded on a build-operate-transfer (BOT) basis for 25 years.

The Oiltanking Group announced last month that it would jointly develop the terminal with the Egyptan firm Sonker Bunkering Company.

“Oiltanking is confident that in association with Sonker Bunkering Company and the much appreciated support of all institutions involved, the development of this terminal will contribute to the further growth of East Port Said and its future strategic importance as a major petroleum logistics hub in the Eastern Mediterranean,” it said.

Sonker Bunkering Company is a petroleum storage, handling and bunker supply company jointly owned by the Amiral Holding Group and companies associated with Egyptian government entities.

Oiltanking is an independent tank storage provider for petroleum products, chemicals and gases worldwide.