Qalaa’s ERC in talks with Aramco, Shell over fuel imports - ENTERPRISE / YOUM7

Tuesday, 28 February 2017

Qalaa Holdings subsidiary Egyptian Refining Company (ERC) is in talks with Saudi Aramco, Kuwait National Petroleum Company and Shell to import an additional 1.2 mn tonnes of feedstock needed for its operations at USD 3.7 bn refinery in Mostorod, ERC’s Managing Director Mohamed Saad tells Youm7.

Kuwait holds talks with Petroleum Ministry to refine oil in Egypt - ENERGY EGYPT / MUBASHER

June 19, 2016

KPCA delegation from Kuwait Petroleum Corporation (KPC) had talks with the Egyptian petroleum minister over the possibility of refining the Kuwaiti oil in Egyptian refineries, according to a statement issued on Friday.

The studies included the increase of shipping and storage facilities in SUMED’s location in Ain Sukhna and Sidi Kerir, as well as raising storage capacity.

This steps comes in line with Kuwait’s strategy for increasing oil production to 4 million barrels a day by 2020, and exploiting Egypt’s strategic platform to expand in Europe, said KPC’s director general Nabil Bouresli.

He clarified that Kuwait intends to expand in the African market, by entering the Egyptian market.

Egypt negotiates with Kuwait to renew contract to supply 3m barrels per month | Daily News Egypt

Crude oil imported from Kuwait Petroleum Corporation helps save fuel in local market, says official

Mohamed Adel, January 21, 2016

The Egyptian General Petroleum Corporation (EGPC) is negotiating with the Kuwait Petroleum Corporation (KPC) to renew a contract to supply 3m barrels of crude oil to Egypt per month with payment facilitations for the value of the shipments.

The contract is expected to be finalised by the conclusion of next September.

Edison looks to sell part of Egypt’s Abu Qir field | Energy Egypt - Reuters

Edison Abu Qir (Source: Edison Website)

JANUARY 15, 2016 / ENERGY EGYPT

Edison, Italy’s No. 2 energy company owned by France’s EDF, is trying to sell part of its Abu Qir field in Egypt and has opened the books to prospective buyers including Kuwait’s KUFPEC, people familiar with the matter said.

Edison, which paid around $1.4 billion for the field in 2009, owns all exploration and production rights at Abu Qir but manages it in a joint venture with Egypt’s EGPC.

“The data room is open and KUFPEC is one of at least four companies that have had a look,” one source said.

A second source also reported the Kuwaiti company’s interest along with others but said the fall in oil prices was slowing the process.

Egypt to import 3m barrels of crude oil per month from Kuwait, contract to end in September | Daily News Egypt

Facility will be allowed for full payment within 30 days for an extra million barrels, says official

Mohamed Adel, 4 Jan 2016

Kuwait Petroleum Corporation (KPC) will supply Egypt with about 3m barrels of crude oil per month, as well as solar and jet fuel supplies worth $1.2bn annually.

A high-profile official in petroleum sector told Daily News Egypt that Kuwait supplies Egypt with 2m barrels of crude oil per month with full payment to occur within a nine month period. Egypt also agreed on importing an extra million barrels with full payment to be made within one month.

The official said the contract of crude supplies will end in September 2016 and that Egypt imports crude oil from Kuwait according to the international prices for Brent at the time of supply, with no prices fixed in the contracts or interest payments. The official explained that solar and jet fuel supplies are paid after three months of receiving them.

He said in cases of crude imports exceeding local demand, the oil will either be refined into petroleum products that are then sold on the international market or else stored in Egypt and sold through the port of Sidi Kerir.

He said the Egyptian General Petroleum Corporation (EGPC) is making the most of the production capacities of refineries by importing crude oil and refining it in Egypt, providing fuel to the local market.

KPC almost completed the launch of a representative office in Egypt to act as a marketing centre for the production of crude oil in the countries of North Africa and the Mediterranean.

The official mentioned that EGPC agreed with KPC to open an affiliated-office in Egypt to market its products of crude oil within a plan to transform Egypt into a logistics centre for the marketing and storage of petroleum products.

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