The Clap:
State-owned Western Desert Operating Petroleum Company (Wepco) reportedly wants to pump USD 420 million (EGP 19.65 billion) to expand its Al Hamra Terminal on Egypt’s Mediterranean coast, Al Arabiya reports, referencing a source it says is familiar with the matter.
What:
The firm tasked with storage and trade of Egypt’s Western Desert oil reserves is planning to establish eight crude warehouses over two phases, the first — already 90% complete — set to kick off operations by August, and the other in the first quarter of next year.
Why this matters:
The initial phase of operations for the storage and trade warehouses will expand capacity by an estimated 2.5 million barrels, increasing trade both nationally and to international offtakers. The move is in line with Wepco’s plan to manage 95 million barrels of crude at Al Hamra by the next fiscal year.
