Kuwait gave initial approval to renew a multi-billion dollar contract to supply Egypt with crude oil and petroleum, an official source in the Egyptian General Petroleum Corporation (EGPC) said on Tuesday.
In April, EGPC signed a three-year renewal contract with the EGPC and the Kuwait Petroleum Corporation (KPC) to supply Egypt with 1.5 million barrels of petroleum products per year and 2 million barrels of crude oil per month. The contract will be expired in December.
EGPC and KPC are expected to sign the new contract within the fourth quarter of the year, the source further told Amwal Al Ghad.
“Egypt will receive the new shipments in January 2020 according to the market needs,” the source said.
Egypt requested to extend the grace period as well as the size of crude oil supplies to 4 million barrels per month, from 2 million, he added.