The Egyptian Cabinet approved Thursday a draft law to extend the operations of the Arab Petroleum Pipelines Company (SUMED) for 27 years.
The draft law is planned to be effective when the operations period of the company ends, the Cabinet said in a statement.
Established in 1974, SUMED was founded with a $400 million in capital to own and operate two parallel pipelines linking Ain Sokhna terminal on the Red Sea to Sidi Kreir terminal on the Mediterranean.
The Egyptian General Petroleum Company (EGPC) holds 50 percent stake in SUMED.
Other shareholders are Saudi Arabian Oil Company (Aramco) at 15 percent, Kuwait Metal Pipe Industries Company at 15 percent, UAE’s International Petroleum Investment Company at 15 percent and Qatar Petroleum at 5 percent.
(Source: Egypt Today)