Cairo, 7 October 2004- India is studying an Egyptian proposal for participating in the construction of a new pipeline linking Sidi Kerir port on the Mediterranean with Ain Sukhna terminal on the Gulf of Suez.
The estimated cost of the proposed project is between $250 and $350 million; India would finance 50% of the project.
Egypt's minister of petroleum assured that this project comes in conjunction with Sumed development project. Sumed recently allocated a sum of $200,000 for the feasibility study to decide whether to use the existing Sumed pipeline or to construct a new one.
The Sumed pipeline links the Ain Sukhna terminal on the Gulf of Suez with Sidi Kerir on the Mediterranean. Sumed project consists of two parallel 42-inch lines, and is owned by Arab Petroleum Pipeline Co., a joint venture between Egypt (50%), Saudi Arabia (15%), Kuwait (15%), the U.A.E. (15%), and Qatar (5%).