The companies were selected through a global auction held jointly with the Ministry of Petroleum and Mineral Resources, Suez Canal Authority, and the General Authority for the Suez Canal Economic Zone (SCzone). The licenses do not just include seaports but also vessels navigating the Suez Canal within both the northbound and southbound convoys. Minerva Bunkering has an annual physical delivery capacity of 25 million metric tonnes of fuel, operating at 30 ports located across the Americas, Europe, Africa, Asia, and the Middle East. As for storage, the company controls 1.9 million cubic meters of storage capacity as it owns two purpose-built storage terminals in Fujairah and Las Palmas. Naval Institute, the Suez Canal carries 12 percent of global trade.

Source: Egypt Today August 12, 2023 09:35 UTC