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Sunday, 24 July 2016

SUMED borrows EGP 100 mn from NBE to build pier in Ain Sokhna

The Arab Petroleum Pipelines Company (SUMED) has signed an EGP 100 mn loan agreement with NBE to finance a pier and petroleum product center for storage and trading in Ain Sokhna, Amwal Al Ghad reported. The project aims to receive LNG and pump it through the national grid, in addition to receiving, storing and transporting Mazut to the domestic or export. The pier will include storage depots for butane gas and fuel oil and the project also includes connecting gas line to the national natural gas grid. The project is expected to be completed by the end of March 2017.

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