Arab Finance: Within the framework of the Ministry of Petroleum’s vision towards maximizing the use of the capabilities of the Al-Hamra Petroleum Port, located in the city of New Alamein on the Mediterranean coast, within the framework of making Egypt a center for energy trading, and in light of the Ministry of Petroleum’s directives regarding integration between petroleum sector companies and optimal exploitation of the companies’ available energies, an agreement was signed. To trade crude oil between the Western Sahara Petroleum Company – WEBCO Headed by Engineer Ibrahim Masoud, Chairman of the Board of Directors and Managing Director, and the Middle East Petroleum Refining Company – Midor, headed by chemist Salah Jaber Bahnasi, with the aim of supplying Midor’s refinery with its needs of crude oil, which is received from tankers with facilities in the Al-Hamra Petroleum Port area and then paid directly. To the refinery.
This agreement is the nucleus for starting the operation and exploitation of the energies of Midor and WEPCO by exploiting the capabilities available in the facilities of the Al-Hamra Petroleum Port, in addition to exploiting the facilities being constructed within the expansion plans of the Al-Hamra Petroleum Port, as the first phase in the northern expansion area is currently being completed by establishing 4 storage warehouses. The capacity of each of them is 630 thousand barrels, to reach a total storage capacity of 5.3 million barrels during 2025.
Related news
