Agreement signed for oil terminal at Ain Sokhna

Several projects are underway to resume the infrastructure for the transport and storage of petroleum products, Petroleum Minister Tareq el Mola said on Wednesday.

Mola made the remark during the signing ceremony of an agreement for an oil terminal at Ain Sokhna with investments worth $324 million.

The agreement was signed by Chairman of the Egyptian Natural Gas Holding Company (EGAS) Khaled Abdel Badea and Chairman of the Arab Petroleum Pipelines Company (SUMED) Khaled Saleh.

The project includes the establishment of a maritime platform with 2.2 km in length and from 15 to 19 meters in depth to receive liquefied natural gas (LNG) carriers and butane and mazut vessels.

The project will be established in two phases with the first to start operation during the first quarter of 2017, while the second in the second quarter of 2018.