The Kuwait Petroleum Corporation (KPC) will establish an office in Egypt as part of an agreement, Tarek El Molla, CEO of the Egyptian General Petroleum Corporation (EGPC) told Egypt Daily News. With Egypt importing 1.5m-2m barrels of crude oil every month from Kuwait to be refined, the move became crucial for KPC. The office’s purpose is to market the corporation’s crude oil products, as part of the plan to turn Egypt into a logistics center for marketing and storage petroleum products.
El Molla added that the EGPC is studying a number of other options, alongside the establishment of the office, with the Kuwaiti side. These include providing Egypt with more crude oil for refining and then sale on international markets. Another option is the KPC storing the crude oil in EGPC warehouses, and then selling it through the Sidi Krir terminal in Alexandria.