Red Sea Oil Group is a project whose beginning dates back to 2019. Together with our partners from the German-American group AMOS, we initiated the idea of transferring crude oil between the Mediterranean Sea and the Red Sea, through an over 250 km pipeline, located between the port of Ashkelon in the North Israel and the port of Eilat to the South. The pipeline is equipped with numerous advanced pumps supporting the transfer of crude oil, and both ports have a very advanced infrastructure, including equipment for transshipment of crude oil, its storage and blending it at the customer’s request. A unique feature of the port of Eilat is the ability to load supertankers with a loading capacity of 500,000 tons, which makes it very easy for us to meet the expectations of our Asian customers. The project is carried out in cooperation with EAPC, on behalf of the Israeli Government, owns the pipeline, as well as the entire infrastructure described above.
The development of the project was suspended in 2020-2021, which was forced by restrictions related to the COVID-19 pandemic. Despite these challenges, 2 companies responsible for the continuation of further activities have been established in Tel-Aviv. In the second quarter of 2022 that we were able to return to the project development.
Currently, with the new strategic investor in the Red Sea Oil Group, we are preparing for regular oil transfers both from North to South and from South to North, depending on the orders and needs of our clients.
ACCURETTA TRADE is a strategic partner of Red Sea Oil Group and its shareholder, while the leader of the Accuretta group is the President of the Management Board of RSOG Ltd. Our strategy envisages the transfer of 5 to 6 million tons of crude oil per year, using the infrastructure managed by EAPC. The regular transfers start from 2023.