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.