Kuwait to raise oil exports to Egypt

(MENAFN) Kuwait Petroleum Corp (KPC).announced that they are planning to raise its crude oil exports to Egypt to up to 100.000 barrels per day from the current 65.000 bpd, as well as saying that they are ready to supply it with refined fuel if Egypt needs it, Gulf Business reported.

Kuwait, which along with Saudi Arabia and the United Arab Emirates have together provided Egypt with billions of dollars in grants, loans and petroleum products during this last year, said that they are considering Egypt's current needs for petroleum products including their needs for diesel.

Kuwait already supplies Egypt with around 2 million barrels of crude oil a month since the beginning of October, though this petroleum aid has not yet been able to help fixing Egypt's current power problems and frequent power cuts.

Meanwhile, Egypt said that Saudi Arabia has supplied it witj USD3 billion worth of refined oil products during the April-October period, as well as saying that it has signed an agreement with the UAE to buy 65 percent of its oil product imports for the next year from the Gulf country.