Cairo, Reuters reported that Egypt’s oil ministry said in a statement that Saudi Arabia’s Amy trading agency, Saudi Arabia’s Amy Trading Company (ATC), had signed an agreement with Egypt’s SUMED Company to provide 222,000 cubic meters of natural gas storage capacity in Sidi Kerir, Egypt, before exporting it to Europe.

The two companies also signed a second agreement to provide 165,000 cubic meters of fuel storage capacity at Ain Sokhna, the Red Sea port, the statement said.

The statement said the agreement could include re-exporting and supplying fuel oil to Saudi power plants to meet the needs of the Egyptian market and to fuel ships in the region.

SUMED’s 50% stake is held by the Egyptian government and the rest by Arab oil exporters in the Gulf region.

These agreements were signed on the sidelines of the Cairo Energy Forum.