October 22, 2024 [Hydrocarbon Engineering]- Arab Petroleum Pipelines Company (SUMED) has signed a Term Sheet for handling, storing, and transferring crude oil feedstock and petroleum products with the Soukhna Refinery and Petrochemical Company (SRPC).

The SUMED Pipeline (also known as the Suez-Mediterranean Pipeline) is an oil pipeline in Egypt, running from the Ain Sokhna terminal in the Gulf of Suez, the northernmost terminus of the Red Sea, to offshore Sidi Kerir port, Alexandria in the Mediterranean Sea. It provides an alternative to the Suez Canal for transporting oil from the Arabian Gulf region to the Mediterranean.

The pipeline is owned by the Arab Petroleum Pipelines Company ‘SUMED’, a joint venture (JV) of Egyptian General Petroleum Corporation (EGPC) (50%, Egypt), Saudi Aramco (15%, Saudi Arabia), Mubadala Investment Company (Formerly IPIC) (15%, UAE), Kuwait Investment Authority (KIA) (15%, Kuwait), and QatarEnergy (5%, Qatar).

His Excellency Eng. Sameh Fahmy, Chairman of EPI Corp (former Minister of Petroleum), said: “Soukhna Refinery and Petrochemical Company – SRPC is a promising project and will be one of the most important petroleum and petrochemical projects globally, especially since it is located in the heart of the world to serve four important markets – Europe, Asia, the Middle East, and Africa. Therefore, the project’s success is inevitable, as all companies involved in this project are currently cooperating with Elite Capital & Co. Limited to provide the necessary financing to build it.”

SRPC’s project is a petroleum complex consisting of an oil refinery, petrochemical technology, mini hospital, and petroleum studies institute. This project is located at the heart of the Suez Canal Economic Zone, specifically in Ain Sokhna, and it is surrounded by the continents of Asia from the east, Europe from the north, and Africa from the west.

The refining capacity of the oil refinery is 208 000 bpd.

Elite Capital & Co. Limited is a Financial Management company that provides project-related services including management, consultancy, and funding, particularly for large infrastructure and mega commercial projects.

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