The Egyptian government and Azerbaijan have reached an agreement on refining 500,000 barrels of crude oil per month in the Egyptian refineries and exchanging Egypt’s naphtha with petrol 95, reported Al Mal newspaper.

The Head of Egyptian General Petroleum Corporation (EGPC), Mohamed Al Masry, stated that this agreement aims to make use of spare refining capacity in Egyptian refineries in exchange for $9 for each refined barrel. Al Masry also added that Egypt will receive quantities of petrol 95 that are equivalent to the cost of refining, which amounts to $4 -$4.5m.

Furthermore, sources at EGPC revealed to Al Mal newspaper that the agreement with Azerbaijan will soon be put into work, adding that the capacity of oil refineries has increased from 26mt/year to 28mt/y. EGPC keeps implementing its plan to develop refining plants in order to boost oil derivative production.