Kuwait holds talks with Petroleum Ministry to refine oil in Egypt
A 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.