Kuwait said to supply Egypt with 2mn crude barrels a month starting January 2017
Kuwait’s Cabinet has reportedly agreed to provide Egypt with 2mn barrels of crude per month starting January 2017, with a nine-month grace period. Pricing will be based on the international oil price. The deal comes after Saudi Aramco had decided to suspend refined oil supplies indefinitely worth 700,000 tonnes/month to Egypt for the second month, despite a five-year USD23bn agreement with the Egyptian General Petroleum Company (EGP) that was signed earlier this year. (El Rai, NY Times)
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