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Tuesday, 7 February 2017

EGPC will supply all petroleum products from refined Iraqi crude domestically

EGPC intends to channel all the petroleum products produced from refining Iraqi crude domestically and will not export them, unnamed officials tell Al Mal. We had earlier reported that Egypt will send a delegation to Iraq to finalize an agreement to import 1-2 mn bbl of crude, and the Oil Ministry has already proposed freeing up capacity at MIDOR to refine imported Iraqi crude. Meanwhile, Kuwait is said to be increasing the amounts of crude it is storing in Egypt, unnamed sources told Al Mal. The increase in the amounts stored in Egypt is due to the global supply glut, the sources added.

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