“Minerva Banking Launches Deliveries in Egypt as First International Bunkering Company – Mercuria Energy Group”

2023-05-31 09:07:00

After Minerva Banking obtained the license in mid-May

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Mercuria Energy Group’s bunkering company, Minerva Banking, has commenced deliveries in Egypt, becoming the first international company to enter the market after being awarded the license earlier in May, using a 150,000 dwt tanker as a floating storage facility. , in addition to five tankers to provide customers with fuel.

The CEO of the company, Tyler Barron, said that there is a lot of potential given the characteristics of the market, which is characterized by the intensity of the volume of freight, as the Suez Canal is uniquely located between the pricing centers in the east and west, and perhaps the biggest advantage is that shipping companies can refuel while waiting to cross the canal. without wasting any time.

On May 14, the Egyptian Ministry of Petroleum announced the handing over of the first license in the field of service for international companies to supply ships with fuel in Egyptian ports to the international company “Minerva”, which starts providing its services from Port Said port.

In a statement, the ministry revealed that handing over the first license in this activity is the beginning of a series of maximizing the added value of Egyptian ports and the vital Suez Canal facility, which is an important step to build on and launch in this framework.

Minerva International, which holds a license to refuel ships transiting the Suez Canal at Port Said ports, has developed a plan, in coordination with the Suez Canal Economic Authority, to attract 8,000 ships as a first stage to refuel from a total of 22,000 marine tankers that cross the shipping lane annually, sources told Al-Mal newspaper. Early Egyptian.

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