Egypt’s General Petroleum Corporation (EGPC) is currently in negotiations with the Kuwait Petroleum Corporation (KPC) for the increase of the amount of crude oil being delivered to Egypt from 2.2 million to about 2.7 million bbls per month.

The additional 500,000 BO per month is to be refined in Egypt’s refineries and converted into petroleum products to feed the needs of the local market, an EGPC official said.

The official stated that there are no fixed prices in the contract. If the quantity of crude oil from Kuwait surpasses the need of the local market, it will be refined locally or stored and then be sold through the Sidi Kerir Port.

According to the official, under KPC’s plan in converting Egypt into a logistical center where it can market and also store petroleum products, EGPC had approved that the corporation set up offices in Egypt.

Egypt’s total output is about 695,000 bbls/d. In line with OPEC’s report, Kuwait sells about 1.995 million bbls/d in the global markets while its output is about 2.867 million BO, Hellenic Shipping news reports.