Kuwait to store ‘crude’ in Egypt’s Arab Petroleum Pipeline Company

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CAIRO, Oct 1, (KUNA): Egypt and Kuwait have agreed on storing Kuwait crude oil at the Arab Petroleum Pipeline (Sumed) Company before marketing it to the Mediterranean markets, the Egyptian premiership stated on Wednesday.

The announcement was made by the Egyptian Premiership Spokesman Hossam Al-Qawesh in a press statement following the Premier Sherif Ismail’s reception of a Kuwaiti delegation including the Ambassador Salem Al- Zamanan and visiting Managing Director of the International Marketing at Kuwait Petroleum Corporation Nabil Bouresli. Al-Qawesh added that the two sides have also discussed a proposal to refine 50,000 to 100,000 barrels of Kuwait crude oil at Egyptian refineries.

Bouresli has expressed KPC’s readiness to contribute to upgrading of the existent Egyptian refineries and the establishment of new petrochemical complex. He noted that the Prime Minister Ismail has underlined the importance of cooperation between Egypt and Kuwait in various domains, especially the energy sector. For his part, Ambassador Al- Zamanan reiterated the depth of relations between the two Arab nations which is reflected in the KPC’s plans to set up a regional bureau in Cairo to be in charge of its activities in the whole African continent.

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