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Saudi Aramco Signs 5 Agreements with the Egyptian petroleum sector

Saudi Aramco to increase oil prices next March

Egyptian engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, witnessed during the activities of the second day of the Fifth Egypt International Petroleum Conference and Exhibition (EGYPS 2022) the signing of joint agreements between the petroleum sector and the Saudi Aramco Group.

This comes within the framework of the executive procedures for the construction stages of the petrochemical complex in the Suez Canal Corridor area of ​​the Bahr Company Red National Petrochemical.

The agreement was signed by Eng. Mohammed Ebadi, President of the Red Sea National Petrochemical Company, and Eng. Muhammad Yamani Al-Qahtani, President of Saudi Aramco Trading Company.

The signed agreements and contracts include many key areas to accelerate the implementation of this giant complex, foremost of which is the Principles Agreement to Provide Crude with Saudi Aramco Trading Company, which is the first and world leader in the field of crude provision.

It will secure the Red Sea Company’s needs of Arab very light crude due to its distinctive features. The quality and appropriateness of the petrochemical complex design are characterized by Aramco’s long history, long experience, and commitment.

The cooperation between the petroleum sector and Saudi Aramco is the culmination and extension of the well-established historical relations between Egypt and the Kingdom of Saudi Arabia, the leadership and people, which establish more successful partnerships in the oil and gas sector.

On the other hand, a contract to import essential oil was signed between the Egyptian General Petroleum Corporation and the Saudi Luberef Company, which contributes to meeting the needs of the Egyptian local market.

The geological signature was carried out by Alaa Al-Batal, CEO of the Petroleum Authority, and Eng. Tariq Al-Naim, President of Luberef Company, in the presence of the accountant Khaled Othman, Vice President of the Petroleum Authority for Internal Trade and the supervisor of foreign trade and accounting Heba Abdel Qader, Assistant Vice President of the Petroleum Authority for Foreign Trade.

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