Egypt negotiates with Kuwait increasing oil imports to 1M barrels per month

CAIRO - 16 October 2019: The Egyptian Government is currently negotiating with Kuwait increasing imports of crude oil to 1 million barrels per month, a source from the government told the Italian news agency Nova on Wednesday.

Egypt imports from Kuwait 2 million barrels of crude oil per month and about 1.2 million tons of petroleum products.

In July, Petroleum Minister Tarek al-Molla told Nova that the three-year contract between Egypt and Kuwait would be renewed next January.

On August 31, Egyptian Ambassador to Kuwait Tareq el-Qouni said that a number of joint cooperation agreements were signed in Kuwait during President Abdel Fatah al-Sisi's official visit.

Qouni said that Sisi’s visit to Kuwait is the third since he assumed the presidency in June 2014; the first visit was on January 5, 2015, while the second was on May 7, 2017.

The volume of Kuwaiti investment inflows in Egypt amounts to US$4.7 billion, and Kuwait is ranked fifth in the list of investing countries in Egypt.

The trade exchange between the two countries reached 52.9 percent in 2018, and the volume of financing of the Kuwait Fund for Development in Egypt amounted to $3.3 billion.