Arab Petroleum Pipelines Company (SUMED) has signed a $100 million loan with the National Bank of Egypt (NBE) to finance the first phase of a project for establishing a new pier in the Ain Sukhna area.
The project aims at transporting liquefied gas, as well as storing and transporting diesel for local consumption and export, SUMED’s chairman and CEO Mohamed Abdel Hafez said in a statement on Wednesday.
The project will be implemented on two phases. The first involves a 2km-long 19-metre-deep pier that will be built, to receive oil and liquefied gas tankers, and will be connected to the national gas grid.
An offshore storage area that will contain 3 tanks is set to be established in the second phase, and will be used for transporting, trading and distributing butane. Another 3 tanks will be dedicated for the same process for diesel.
According to the plan, the first phase will be completed by the end of March 2017, while phase two studies are being completed before being laid out to contractors.