Egypt, Kuwait likely to renew expiring oil and fuel purchase agreement

The Kuwait Petroleum Corporation has given an initial approval to a request from Egypt to extend once again an oil and fuel purchase agreement that is due to expire in December, a source from the Egyptian General Petroleum Corporation (EGPC) told Amwal Al Ghad. The agreement was signed in 2013 and renewed for three years in 2017. New contracts could be signed next quarter, allowing the crude shipments to continue uninterrupted in January 2020. Egypt has asked this time to increase the amount to 4 mn bbl of crude per month, the sources told the newspaper, confirming reports we picked up earlier this week. The government has also requested more favorable payment terms.