Kuwait to increase crude oil exports to Egypt
The news come after the North African country received energy aid from Saudi Arabia, Kuwait and the UAE in the form of loans, grants and petroleum products
Kuwait has announced plans to raise its crude oil exports to Egypt, Reuters has reported.
Kuwait will increase its crude oil exports up to 100,000 barrels of oil per day (bpd) from the current 65,000 bpd.
A Kuwaiti oil official said the OPEC member is also prepared to sell diesel and refined fuel to Egypt if need arises.
Saudi Arabia, Kuwait and the UAE have together provided Egypt with grants, loans and petroleum products since last year.
Nasser al-Mudhaf, MD for international marketing at state-owned Kuwait Petroleum Corporation (KPC), said that Kuwait has been studying Egypt’s need for petroleum products.
Kuwait has reportedly shipped around 2mn barrels of crude oil a month in early October to Egypt.
Egypt, meanwhile, added that it would buy 65% of its oil product imports for the next year from the UAE.