Kuwait to supply Egypt with 2 billion barrels of crude oil monthly

Kuwait's Cabinet has approved to extend the sale contract of crude oil to Egypt as of January 2017, including a nine-month grace period before due date of payment.

"According to the contract inked between the Kuwaiti and Egyptian sides, Egypt will be provided with approximately two million barrels of crude oil every month," Kuwaiti Al Rai newspaper of Tuesday quoted ministerial sources as having said.

"The prices will be according to the international prices; without any deductions," according to the sources.

Kuwait's decision is of special importance after Saudi Arabia's Aramco, the world's largest oil company, halted shipments of oil products to Egypt for the second month in a row.

The Saudi Arabia's company, however, has not yet annulled its agreement with the Egyptian General Petroleum Corporation (EGPC) to provide Egypt with fuel supplies.