Kuwait signs new energy supply deal with Egypt

 05 Apr 2017 - 17:24

Kuwait signs new energy supply deal with Egypt
The headquarters of Kuwait Petroleum Corporation (KPC) in Gulf Street. Photo courtesy: https://www.flickr.com/photos/lexrex/729872656/sizes/l/


Kuwait City:  Kuwait said on Wednesday it has signed a new a multi-billion-dollar deal to supply Egypt with crude oil and petroleum products for the next three years.

Under the deal, Kuwait will supply Egypt with two million barrels of crude per month and 1.5 million tonnes of petroleum products annually over three years, state-owned Kuwait Petroleum Corp. said in a statement.

It said the deal is worth over $4 billion (3.75 billion euros) based on current market prices.

The previous three-year deal, signed after Egypt's military removed Islamist president Mohamed Morsi, expired in December.

Kuwait was among the Gulf countries that offered Egypt several billion dollars of aid following Morsi's ouster in July 2013.