An agreement between Saudi Arabia's oil giant Aramco and Egypt's Sumed pipeline operator could make Egypt's Sidi Kerir pipeline terminal on the Mediterranean coast a regional hub for the sale of Saudi crude to Europe, a statement from the Oil Ministry said on Tuesday.

The deal, signed during a five-day visit by Saudi Arabia's King Salman, will increase the volume of Saudi oil pumped through the Sumed pipeline running from the Ain Sukhna terminal on Egypt's Red Sea coast to Aramco's customers in Europe.

The deal will also look into Aramco using Sumed's facilities to store Saudi oil.  - Reuters