Egypt is negotiating a contract renewal with Kuwait to import its crude oil to Egypt with double the quantity and adjustments to the merit rating scale, according to an official source, Al Rai reported.

Egypt imports around 2 million barrels of crude oil from Kuwait, in addition to 1.2 million tons of other petroleum products per month.

The official source stated that upon the contract’s expiry, Egypt required to raise the imports to 4 million barrels per month.

Meanwhile, the source pointed out that Egypt requires to extend the installment period which follows the exported shipment to around 16 months instead of nine.