Arab Petroleum Pipelines Company (SUMED) has signed a Term Sheet with the Soukhna Refinery and Petrochemical Company (SRPC) for handling, storing, and transferring crude oil feedstock and petroleum products. The SUMED Pipeline, also known as the Suez-Mediterranean Pipeline, is a vital oil transport route in Egypt. It stretches from the Ain Sokhna terminal in the Gulf of Suez, which is the northernmost point of the Red Sea, to the offshore Sidi Kerir port in Alexandria, connecting to the Mediterranean Sea. This pipeline serves as a crucial alternative to the Suez Canal for transporting oil from the Arabian Gulf region to Mediterranean markets.

The SUMED Pipeline is owned and operated by a joint venture comprising key stakeholders. The Egyptian General Petroleum Corporation (EGPC) holds a 50% share, while Saudi Aramco, Mubadala Investment Company (formerly IPIC), and the Kuwait Investment Authority each hold 15%. QatarEnergy holds the remaining 5%. This diverse ownership structure underscores the strategic importance of the pipeline in both regional and international oil transportation.

His Excellency Eng. Sameh Fahmy, Chairman of EPI Corp and former Minister of Petroleum, highlighted the significance of the SRPC project, asserting that it is set to become one of the leading petroleum and petrochemical initiatives worldwide. The project's strategic location enables it to serve four critical markets: Europe, Asia, the Middle East, and Africa. Fahmy expressed confidence in the project’s inevitable success, emphasizing that all companies involved are collaborating with Elite Capital & Co. Limited to secure necessary financing for construction.

The SRPC initiative comprises a comprehensive petroleum complex, featuring an oil refinery, advanced petrochemical technology, a mini hospital, and a petroleum studies institute. This facility is strategically located within the Suez Canal Economic Zone, specifically in Ain Sokhna. It is surrounded by three continents: Asia to the east, Europe to the north, and Africa to the west. The refinery has an impressive processing capacity of 208,000 barrels per day (bpd), positioning it as a significant player in the region's energy landscape.

Elite Capital & Co. Limited, a financial management company, will be instrumental in supporting the SRPC project. Known for its expertise, the company provides a range of project-related services, including management, consultancy, and funding, especially for large-scale infrastructure and mega commercial projects. This collaboration reflects a strong commitment to enhancing the petroleum and petrochemical sector in the region, contributing to economic growth and development within the Suez Canal Economic Zone. By leveraging its strategic location and advanced facilities, the SRPC project is expected to have a transformative impact on the energy landscape, benefiting multiple markets and stakeholders.