Tuesday, October 20, 2020
Israel's EAPC pipeline company says it will bring UAE oil to Europe in new deal | Al Arabiya
Israeli pipeline company EAPC said on Tuesday it signed a preliminary deal to help transport oil from the United Arab Emirates to Europe via a pipeline that connects the Red Sea city of Eilat and the Mediterranean port of Ashkelon.
State-owned EAPC said it signed the memorandum of understanding with MED-RED Land Bridge, a company with Israeli and Emirati owners, in Abu Dhabi on Monday during a ceremony with visiting U.S. Treasury Secretary Steve Mnuchin.
The company did not disclose financial details.
A source familiar with the deal said a final deal could be worth $700-$800 million over several years and that supplies could start at the beginning of 2021.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Only News