EMEA News
Axis Plan Aimed at Strengthening Bunkering Activity in Egypt
Sherif Ismail, Egypt's minister of petroleum and mineral resources, says the Suez Canal Axis Development plan will propel his country toward a new phase of economic growth through increased bunkering activity and the trade and transport of crude oil, petroleum products, and natural gas, local media reports.
The plan includes projects in the refining and petrochemicals fields south of the Suez Canal.
Ismail cited the SUMED pipelines in the Gulf of Suez and reception facilities in the port on Ain Sokhna as projects that will boost his nation's ship fuelling industry and transform the Suez Canal into an important navigational corridor that generates "huge" revenues.
Meanwhile, Ismail called this month's completion of the new Suez Canal project in record time a national achievement and credited Petrojet for drilling and dredging 11 million cubic metres of sand in four months.
Ismail noted that "This is a clear message that Egypt is coming back strongly by the sweat and effort of its children."
Currently Petrojet is aiding in the construction of two tunnels under the Suez Canal for cars and trains, and ultimately six tunnels under the canal will be built to develop the surrounding economic zone and link the Delta governorates to Sinai.
Despite Ismail's enthusiasm, Argus recently questioned the impact of the Canal expansion, pointing out that while the expansion now allows ships to travel concurrently in both directions and decreases waiting times, it has not increased the tonnage allowance of the canal.
