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Tel Aviv - Med-Red Land Bridge Company (MRLB) announced today that it has signed its first contract with a vessel loaded with 130,000 metric tons (MT) of crude oil. The crude carrier represents the first tanker to utilize the recently recommissioned 242 km pipeline owned by Europe Asia Pipeline Company (EAPC.) MRLB has recently signed a concession to collaborate on storing and transferring market crude and products.
The vessel offloaded its crude in Ashkelon port to be pumped through the EAPC pipeline network on a 242-kilometer journey to the port of Eilat where it was loaded onto a VLCC heading to the Far East.
The inauguration and operation of the EAPC pipeline network by MRLB provides the energy market with an additional tool and an alternative route to transport crude oil and products from the West to the East and vice versa. The EAPC pipeline has a capacity to transport 1.2 million bbls of crude per day and plans are to double the capacity to 2.4 million bbls in the near future. Furthermore, MRLB is working on plans to add extra storage capacity in both Ashkelon and Eilat.
Malachi Alper, CEO of MRLB said: “At times where international routes are experiencing higher demand, the Med-Red land Bridge offers a safe, economically viable and time efficient alternative. We are delighted to collaborate with EAPC, and we look forward to operating the line at full capacity in the very near future. Our first operation went rather smooth without any hiccups, this is an indication of the readiness of the pipeline and capabilities of the operating team”
MRLB is a joint venture between Petromal, an integrated oil and gas company, and Lubber Line, an international company which specializes in investment in international projects in the infrastructure and energy sectors; and AF Entrepreneurship, an Israeli company that develops and operates projects and ventures in the energy sector.
© Press Release 2021
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