National Bank of Egypt signs $100 mln with SUMED

The loan will go for financing a project to build a pier and a storage and trading centre for petroleum products in Ain Sokhna, in Suez governorate.

  
People and vehicles are seen in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank, in the Fifth Settlement districts of New Cairo

People and vehicles are seen in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank, in the Fifth Settlement districts of New Cairo

REUTERS/Amr Abdallah Dalsh
21 July 2016
Egypt's biggest public lender, National Bank of Egypt (NBE) has signed Wednesday a $100 million loan with Arab Petroleum Pipelines Company - SUMED.

The loan will go for financing a project to build a pier and a storage and trading centre for petroleum products in Ain Sokhna, in Suez governorate.

SUMED is half owned by state run oil company Egyptian General Petroleum Corp (EGPC) while a group of four other Gulf Arab countries - Saudi Arabia, Kuwait, United Arab Emirates and Qatar - own the other half.

The project involves two phases; the first is to build a pier with the length of 2 kilometres and with the depth of 19 metres, designated to receive terminals carrying petroleum products and LNGs. The second includes building a centre for receiving, storing, and trading butane and fuel oil.

The first phase is scheduled for completion by the end of March 2017.

© Amwal Alghad 2016

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