The Egyptian General Petroleum Corporation is currently in negotiations with the Kuwait Petroleum Company to increase the number of barrels supplied by the KPC from 2.2m barrels monthly to 2.7m barrels, Egypt Daily News reports. The newspaper reports the deal will be reached by the end of November and that prices for the imports will be determined by international prices, not a fixed term set in the contract.
The additional 500,000 barrels will be refined in Egypt and converted to petroleum products to meet domestic needs. Any surplus over local demands will be refined and resold internationally. An official with EGPC stated that the company seeks to greater utilize its refining capacity, which at the moment requires imports. KPC is also establishing offices in Egypt for the purpose of using the country as a center for its marketing to African and Mediterranean countries. KPC hopes Egypt can be a logistical hub for its regional plans.