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Citadel Capital SAE Subsidiary Signs 25-Year Concession Agreement to Build Fuel Bunkering Terminal and Logistics Hub on Suez Canal


Monday, 13 May 2013 08:00pm EDT 

Citadel Capital SAE announced that its subsidiary, Mashreq Petroleum (Mashreq), has signed a 25-year concession agreement with the East Port Said Port Authority. The agreement is extendable by up to five years based on a 90% achievement rate of operational targets and will allow Mashreq to build the first independent tank terminal in Egypt. The EGP 3 billion facility will have capacity for up to 800,000 metric tons of product, including liquid bulk (fuel oil, gas oil, naphtha and jet fuel) and bunker fuels. Mashreq will have an annual storage capacity of 10 million metric tons per year and an annual bunkering capacity of 2-3 million tons with three berths that will accommodate tankers up to 120,000 DWT and four berths for bunkering barges. The project will be completed in several phases. 

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