FINANCIAL NEWS

Egypt, Iran prepares to revive oil exchange

01 Dec 2015

(MENAFN) Iran is prepared to continue crude exports to Egypt which used to transport Iranian oil through the Suez Canal and internal pipelines before the 2012 sanctions on Tehran.

Accordingly, Egypt has no objections to importing crude from Iran, and as a matter of fact it’s looking forward for Iran to return to the market once the sanctions are lifted in early 2016.

Moreover, Egypt forecasts a significant increase in oil volumes through the Sumed pipeline, which runs from the Red Sea to the port of Sidi Kerir, once Iran returned to pre-sanction export levels.

“The Iranians used to work with us through Sumed. They used to store crude at the Ain Sukhna terminal and Sidi Kerir, thus their return to the market will boost the activity of Sumed again,” said Egypt’s Oil Minister.

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