EMEA News
Suez Canal Bunkering to be "Focus" for Citadel Capital
Cairo's Citadel Capital says its focus for 2013 is Mashreq, a fuel bunkering terminal and logistics hub on the Suez Canal, and has made "strong progress" on the project, Trade Arabia News Service reports.
Citadel Capital subsidiary Mashreq Petroleum recently announced that it had signed a 25-year concession agreement with Port Said Port Authority to provide fuel bunkering services for vessels using the Suez Canal.
"The project will provide storage services products, liquid bulk by pooling shipments and fragmentation (making and breaking bulk), in order to meet the needs of the markets in Southern Asia, Middle East and Mediterranean coast markets," said Tamer Abu Bakr, chairman and managing director of Mashreq Petroleum.
Abu Bakr said the project involves creating a storage capacity of about 800,000 tonnes of petroleum products, three berths for tankers up to 120,000 dead weight tonnes (dwt), and four berths for bunker barges.
Over 2012, the company said it began moving from a hybrid private equity business to an investment company, moved to focus on risk reduction, closed a $3.7 billion transaction over the Egyptian Refining Company (ERC) petroleum refining upgrade project, and began commissioning at a $360 million cement plant in Egypt.
