Kuwait Petroleum Corporation (KPC) announced Monday it has renewed its crude oil storage and transportation contract with Egypt’s Arab Petroleum Pipelines Company (SUMED).
KPC said in a press statement that the renewal of the contract was signed on the sidelines of the third Kuwait Oil & Gas Show and Conference (KOGS 2017) held in Kuwait between 15 – 18 October.
Deputy Managing Director of Global Marketing in KPC Nabeel Buresley and Chairman and Executive Director Mohammad Abdul Hafiz attended the renewal ceremony.
The contract is one of the important strategic contracts aims at expanding KPC’s presence in the Mediterranean Region and North West Europe to increase Kuwait’s market share in that region, KPC said.
Kuwait Petroleum Corporation (KPC) signed an agreement with one of the suppliers to provide Kuwait with liquified natural gas to cover the long-term needs of the State in line with the KPC’s plan to provide the best economic and environment friendly alternatives.
SUMED pipeline is an oil pipeline in Egypt, running from the Ain Sukhna terminal on the Gulf of Suez to offshore Sidi Kerir, Alexandria on the Mediterranean Sea.
It provides an alternative to the Suez Canal for transporting oil from the Arabian Gulf region to the Mediterranean.
It is owned by the Arab Petroleum Pipeline Company (SUMED), a joint venture of Egypt, Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar.
(Source: Kuwait News Agency KUNA)