Oil Egypt accountACCOUNT King Tut

Kuwait Said to Renew Contract to Supply Crude Oil to Egypt

Source: Bloomberg 11/17/2016, Location: Egypt

Share |
Kuwait renewed a contract to supply Egypt with crude oil for the next three years, according to a senior Kuwaiti government official, who said the shipments are not intended to make up for the loss of Saudi fuel shipments to the North African country.

Egypt will get 2 million barrels of Kuwaiti crude a month starting Jan. 1, according to the official, who asked not to be identified because the contract wasn’t announced publicly. The contract is for three years and the supplies will be based on international prices, he said.

The contract is an extension of the current agreement between the two countries, the official said.

Saudi Arabian Oil Co., known as Saudi Aramco, has halted shipments of oil products to Egypt since October, forcing the Arab world’s most populous nation to buy fuels on world markets at higher cost. Egypt, which relies on imports to meet its energy needs, decided earlier this month to allow its currency to trade freely as a step toward stabilizing an economy weakened by a dollar shortage.

Egypt >>  5/14/2018 - Last week, the Minister of Energy of Cyprus, Mr. George Lakkotrypis, and the Minister of Petroleum and Mineral Resources of Egypt, Eng. Tarek El Molla...
Egypt >>  5/14/2018 - Governor of Egypt's Central Bank Tarek Amer said that the country is expected to make an $850 million payment on its debts to foreign oil companies. ...

Egypt >>  5/10/2018 - Eni announces the start-up of the third production unit (T-2) of the Zohr project, increasing the installed capacity to 1.2 bcfd. Zohr is now producin...
Egypt >>  5/10/2018 - China’s GCL Group has signed a memorandum of understanding (MOU) with Egypt’s ministry of military production to build a solar panel facility at a cos...

Egypt >>  5/9/2018 - Egypt has approved an exploration agreement with Italy’s Eni and the Egyptian Tharwa company to search for oil and gas in the Mediterranean off the co...
Egypt >>  5/9/2018 - Egypt and Uganda signed a number of cooperation agreements on Tuesday in a ceremony in Cairo attended by ministers of both countries and presided over...

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us