Egypt and Kuwait has signed a new multi-billion dollar contract to supply crude oil and petroleum, the state oil company of the Gulf country announced on Wednesday evening.

 

The contract signed by the Egyptian General Petroleum Corporation (EGPC) and the Kuwait Petroleum Corporation (KPC) is to supply Egypt with 1.5 million barrels of petroleum products per year and 2 million barrels of crude oil per month.

According to the three-year contract, the crude oil will be refined in Egyptian refineries.

Egypt will have a grace period of 180 days to pay for the shipments of fuel products and 270 days for crude oil, according to MENA.

A previous three-year contract between the two countries expired in December

Source: Ahram online