Kuwait Doubles Crude Oil Storage in Egypt

Kuwait Doubles Crude Oil Storage in Egypt

Egyptian Media reported that Kuwaiti sources stated that Kuwait doubled the monthly amounts of crude oil to be stored in Egypt to 4m b/m.

The sources explained that the Kuwait Petroleum Corporation renewed its storing contract with the Arab Petroleum Pipelines Company (SUMED), for the third consecutive year, in order to strengthen its presence in Mediterranean countries. The contract renewal increased the crude oil storage capacity to 4m b/m.

In December, Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, had met with Kuwaiti Ambassador to Cairo, Mohamed Saleh Al Zoewakh. In the meeting, they had discussed bilateral cooperation in oil and gas which was witnessing noticeable improvement in light of the Egyptian-Kuwaiti relations.

El Molla had stated that the joint projects in oil and gas stand as an example to be followed in other Arab cooperation. He had  added that Egyptian-Kuwaiti collaboration include the agreement to import crude oil from Kuwait to be processed in Egyptian refineries as well as importing diesel from Kuwaiti Petroleum Authority with payment facilitations that last for several years.

Sarah Samir 2784 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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