Kuwait plans to increase quantities of storing crude oil in Egypt

Kuwait plans to increase quantities of stored crude oil in Egypt, after the Egyptian government finalized logistic preparations of crude quantities in line with the signed agreement between the Kuwait Petroleum Corporation (KPC) and the Arab Petroleum Pipelines Co. (SUMED) to store the Kuwaiti crude oil in Sidi Kerir reservoirs, said a well-placed source in KPC.

In statements published by Kuwait's Al Anbaa Newspaper, the source said that about 2 billion barrels of crude oil are stored monthly in Sidi Kerir, adding that two years ago, the KPC signed an agreement to use reservoirs to store crude oil in Sidi Kerir in Egypt. 

The source further said that since the beginning of this year, quantities of the crude oil have been increased to Europe and it was necessary to rent additional reservoirs in Sidi Kerir. 

The crude oil are exported to the European markets through the Mediterranean countries, he added.