Cairo – Mubasher: The Egyptian General Petroleum Corporation (EGPC) and the Kuwait Petroleum Corporation (KPC) have renewed two commercial contracts of supplying petroleum products and crude oil for three years, Egypt’s Ministry of Petroleum said Wednesday.
The two contracts include the supply of about 1.5 million barrels of petroleum products annually and 2 million barrels of crude oil per month to be refined in Egyptian laboratories, according to a statement.
Under the agreement, the grace period for paying the value of petroleum products went up to 180 days instead of 90 days, while the grace period for the crude oil supply contracts will be extended to 270 days.
