Egypt and Kuwait signed an agreement to store crude oil at the Arab Petroleum Pipeline (Sumed) Company before selling it to Mediterranean markets. Egyptian Premiership Spokesman Hossam Al-Qawesh announced the agreement in a press statement.
Egyptian Prime Minister Sherif Ismail’s met with the Kuwaiti delegation including Ambassador Salem Al-Zamanan and Nabil Bouresli, Managing Director of International Marketing at Kuwait Petroleum Corporation (KPC).
Al-Qawesh said that the two countries discussed a proposal to refine 50,000 to 100,000 barrels of Kuwait crude oil at Egyptian refineries. Bouresli said KPC is willing to help upgrade existent Egyptian refineries.