Mubasher: The Kuwait Petroleum Corporation (KPC) has renewed its crude oil storage and transportation contract with Egypt's Arab Petroleum Pipelines Company (SUMED), according to a statement issued on Monday.
The renewal of the KPC’s contract was signed on the sidelines of the third Kuwait Oil & Gas Show and Conference (KOGS 2017), which is being held in Kuwait between 15 and 18 October.
As one of the KPC’s major strategic contracts, this renewal aims to expand the Kuwaiti corporation’s presence in the Mediterranean region and North West Europe in order to increase Kuwait's market share in that region, KPC said.
The KPC has signed an agreement with one of the suppliers to provide Kuwait with liquified natural gas (LNG), covering the long-term needs of Kuwait in line with the KPC's plan to provide the best economic and environment friendly alternatives.
It is noteworthy that 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,” the statement added.
SUMED is a joint venture of Egypt, Saudi Arabia, the UAE, Kuwait, and Qatar.
