(redirected from Sumed)
Also found in: Dictionary, Thesaurus, Financial, Idioms, Encyclopedia.
Related to Sumed: summed up
References in periodicals archive ?
Closure of the canal and SUMED would force diverting tankers around the Cape of Good Hope, adding 2,700 miles to ship oil from Saudi Arabia to the US, increasing costs and shipping time.
Although Egypt is not a major oil producer, traders are worried that the unrest could hit crude shipments through the Suez Canal and Sumed Pipeline, which provide a link between Europe and oil producers in the Gulf.
Fully loaded VLCCs cannot sail through the Suez Canal, but the MT Nabi can send its cargo through Sumed for it to be reloaded at the other end and shipped to Europe or the Americas.
Others include the Bab el-Mandab passage from the Arabian Sea to the Red Sea; the Panama Canal and the Panama Pipeline connecting the Pacific and Atlantic Oceans; the Suez Canal and the Sumed Pipeline connecting the Red Sea and Mediterranean Sea: and the Turkish Straits/Bosporus linking the Black Sea (and oil coming from the Caspian Sea region) to the Mediterranean Sea.
Established in 1974, SUMED was founded with $400 million in capital to own and operate two parallel pipelines linking the Ain Sokhna terminal on the Red Sea to the Sidi Kreir terminal on the Mediterranean.
The explanatory memorandum submitted by the Minister of Petroleum confirmed that SUMED is an Egyptian joint stock company under Law No.
Sumed pipeline is an oil pipeline in Egypt, running from the Ain Sukhna terminal on the Gulf of Suez to offshore Sidi Kerir, Alexandria on the Mediterranean Sea.
SUMED is half owned by state run oil company Egyptian General Petroleum Corp (EGPC) while a group of four other Gulf Arab countries - Saudi Arabia, Kuwait, United Arab Emirates and Qatar - own the other half.
In the Mediterranean, it leases crude oil storage space at Sidi Kerir, the terminal of the Sumed pipeline from the Gulf of Suez.
The Sumed Pipeline is the only alternative route nearby to transport crude oil from the Red Sea to the Mediterranean if ships were unable to navigate through the Suez Canal.
Even though Egypt is not a major oil exporter or a member of the Opec, it has the Suez Canal and the Suez Mediterranean, or Sumed pipeline, where oil tankers transport 2.