Egypt's Minister of Petroleum Tarek Al-Mulla has witnessed the signing of two contract extensions to import crude oil and petroleum products for the next three years from Kuwait. The Kuwait Petroleum Corporation (KPC) agreed with the Egyptian General Petroleum Corporation (EGPC) to supply Egypt with 1.5m barrels of petroleum products per year and 2m barrels of crude oil per month. The EGPC said the deal offers a grace period of 180 days to pay for the shipments of petroleum products and 270 days for crude oil. The two contracts were signed by Hisham Nour El-Din, vice chairman of the EGPC for foreign trade, and Nabil Borsaly, managing director of global marketing at the KPC. Kuwait was among the Gulf countries that supply Egypt with its needs of petroleum products with facilitations in payment. Earlier this month, the EGPC announced that Egypt has received two gasoline and two diesel shipments, as part of its petroleum products agreement with Saudi Arabia's Aramco. The deal included supplying 400,000 tonnes of diesel, 200,000 tonnes of benzene, and 100,000 tonnes of mazut monthly. EGPC pays for the shipments at an interest rate of 2% over a 15-year period. In October 2016, the Saudi Aramco had halted shipments of oil products to Egypt, raising concerns over the commercial relations between the two neighboring countries. In March 2017, Egypt's Ministry of Petroleum announced that Aramco will resume its oil shipments to Egypt, as part of the commercial agreement signed between EGPC and Aramco in April 2016.
