Back to the complete issue
Wednesday, 31 July 2019

Egypt, Kuwait likely to renew expiring oil and fuel purchase agreement

The Kuwait Petroleum Corporation has given an initial approval to a request from Egypt to extend once again an oil and fuel purchase agreement that is due to expire in December, a source from the Egyptian General Petroleum Corporation (EGPC) told Amwal Al Ghad. The agreement was signed in 2013 and renewed for three years in 2017. New contracts could be signed next quarter, allowing the crude shipments to continue uninterrupted in January 2020. Egypt has asked this time to increase the amount to 4 mn bbl of crude per month, the sources told the newspaper, confirming reports we picked up earlier this week. The government has also requested more favorable payment terms.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.