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Wednesday , November 25 2020

Egypt seeks renewal of crude oil supply deal with Kuwait

‘Grace period for payment sought’

KUWAIT CITY, July 28: The Egyptian government has requested for renewal of its crude oil supply contract with Kuwait, provided the new contract stipulates doubling the quantity of crude oil supply and amendment of the eligibility scale, reports Al-Rai daily quoting sources.

Egypt currently imports about two million barrels of crude oil from Kuwait, in addition to 1.2 million tons of petroleum products monthly. Considering Egypt’s contract with Kuwait will end soon, the former requested for four million barrels of crude oil monthly under the new contract, sources disclosed.

On the amendment of the eligibility scale, sources said Egypt is negotiating to extend the grace period for payment by installment to 16 months, instead of the current grace period of nine months only. They affirmed that negotiations in this regard are underway.

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