Kuwait signs new energy supply deal with Egypt

Kuwait signs new energy supply deal with Egypt
1 min read
05 April, 2017
Kuwait will supply Egypt with two million barrels of crude per month and 1.5 million tonnes of petroleum products annually over three years.
Egypt's Foreign Minister Sameh Shoukri (L) and Kuwaiti Foreign Minister Sabah al-Ahmad al-Sabah [Getty]

Kuwait has signed a new a multi-billion-dollar deal to supply Egypt with crude oil and petroleum products for the next three years.

Under the deal, Kuwait will supply Egypt with two million barrels of crude per month and 1.5 million tonnes of petroleum products annually over three years, state-owned Kuwait Petroleum Corp. said in a statement on Wednesday.

It said the deal is worth over $4 billion (3.75 billion euros) based on current market prices.

The previous three-year deal, signed after Egypt's military removed Islamist president Mohamed Morsi, expired in December.

Kuwait was among the Gulf countries that offered Egypt several billion dollars of aid following Morsi's ouster in July 2013.