The Egyptian General Petroleum Corporation (EGPC) plans to extend importing crude oil from Kuwait, an official source told Al Maal Newspaper.

The source, according to the paper, said it is likely that an announcement will be made soon regarding renewing the importation contract.

Egypt imports around two million barrels per month from Kuwait, with payment allowance of 270 days.

The imported quantities of crude oil are being refined in Egypt’s refineries to meet the needs of the domestic market from petroleum byproducts. The current three-year-long contract will expire by the end of 2019.

In addition to Kuwait, Egypt imports one million barrels of crude oil per month from Iraq.

Besides crude oil importation, the cooperation between Egypt and Kuwait also includes Exploration and Production (E&P) via Kuwait Energy PLC.