Previous Post
Saber Google: Enough to Test Anyone’s Patience
Next Post
Arts-Mart's Cairo Art Fair II: The Largest Exhibition of Contemporary Egyptian Art to Date

Kuwait Commits to Sell Egypt 2 Million Oil Barrels Per Month

The oil-rich gulf country will begin exports in January, nearly two months after Saudi Arabia decided to stop exporting to Egypt due to differences over the conflicts in Syria and Yemen.

Filling the gap caused by Saudi Arabia’s suspension of oil shipment to Egypt, Kuwait has just approved an extension of its oil exports to the nation, Ahram Online reported, citing Kuwaiti newspaper Alrai.

The deal, which was approved by the Kuwaiti cabinet on Monday, will kick off in January, with two million oil barrels being sold at international prices with no discounts, but with a grace period of nine months.

According to Al Ahram, Egypt had agreed with Kuwait in 2014 to import two million barrels of crude oil and 1.2 million tonnes of petroleum products per month through a long-term contract. Now, nearly two months after Saudi Arabia decided to halt fuel shipments to Egypt due to differences over the conflicts in Syria and Yemen, the Kuwaiti deal extension became as necessary as ever, as Egypt’s economy struggles with stagnation and a currency devaluation that is starting to strain the economy with food and medicine shortages.

The Saudi national oil company, Aramco, had agreed to export 700,000 tonnes of refined oil products per month to Egypt for five years, but Egypt stopped receiving shipments in October.

Main image: Ben Alexander, licensed under Creative Commons.


Todays Events
Sarah El Samman @ Ubuntu Art Gallery
Exhibitions
Date: 4/9/2020
Time: 7:00pm - 9:00pm
Venue: Ubuntu Art Gallery
Routes by Ahmed El Badawi @ Ubuntu Art Gallery
Exhibitions
Date: 4/9/2020
Time: 7:00pm - 9:00pm
Venue: Ubuntu Art Gallery
Intro To Improv  @ Luke Lehner Studios
Course
Date: 4/9/2020
Time: 6:00pm - 9:00pm
Venue: Luke Lehner Studios
Sarah El Samman @ Ubuntu Art Gallery
Exhibitions
Date: 4/9/2020
Time: 7:00pm - 9:00pm
Venue: Ubuntu Art Gallery
Maged Mekhail @ Karim Francis Gallery
Festival
Date: 4/9/2020
Time: 1:00pm - 9:00pm
Venue: Karim Francis Gallery
Glitch: Art & Tech Exhibitions @ Auc.Tcc
Exhibitions
Date: 4/9/2020
Time: 12:00pm - 12:0am
Venue: AUC Campus (Tahrir)