Kuwait, Egypt sign petroleum products deal, Cairo to pay in cash

Kuwait has recently signed a deal to supply Egypt with petroleum products for which Cairo will pay in cash, Al-Rai newspaper reported.

No concessions, discounts or grants have been offered to Egypt, sources told the Kuwaiti newspaper.

The sources also said: “This recent agreement was not submitted to the cabinet. What will determine the size of the Egyptian requirements will be the parameters of the price agreed upon as well as Egypt’s ability to pay.”

The sources did not disclose the size of Egypt’s petroleum. However, they confirmed Cairo’s readiness to fulfil all the monthly requirements as per the agreement.

There are open discussions between Egypt and Kuwait regarding the agreement to refine Kuwaiti petroleum in Egyptian refineries. Kuwait aims to increase oil production to four million barrels per day by the start of 2020, according to statements made by officials at Kuwait Petroleum Corporation.

Source: Middle East Monitor