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FINANCIAL NEWS
Kuwait, Egypt ink new energy supply agreement
06 Apr 2017
(MENAFN) Kuwait announced that it has inked a new multi-billion-dollar deal in order to supply Egypt with crude oil and petroleum products for the coming three years.
Meanwhile, Kuwait will supply Egypt with 2mn barrels of crude per month and 1.5mn tons of petroleum products annually over three years.
In addition, the agreement is worth more than USD4bn based on recent market prices, while the previous three-year deal, inked after Egypt’s removed President Morsi, expired in Dec.
Furthermore, Kuwait was amid the Gulf nations that provided Egypt several billion dollars of help trailing Morsi’s ouster in July 2013.
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