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Israeli pipeline company signs deal to bring UAE oil to Europe

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Israeli pipeline company EAPC said on Tuesday it had 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.

FILE PHOTO: Eilat-Ashkelon Pipeline Co. oil storage containers are seen on the shore of the Mediterranean Sea in the southern city of Ashkelon, Israel January 27, 2015. REUTERS/Amir Cohen/File Photo

State-owned EAPC said it signed a binding 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. “MED-RED is in advanced negotiations with major players in the West and in the East for long-term service agreements,” EAPC said.

EAPC, or Europe Asia Pipeline Co, operates its eponymous pipeline and deals in oil storage and the export and import of distillates.

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