Arab Finance: Egypt is set to import at least 1 million barrels per month of Libyan oil due to a halt in Kuwaiti crude supplies caused by the effective closure of the Strait of Hormuz, Bloomberg reported.
The agreement follows a request by the state-run Egyptian General Petroleum Corporation (EGPC) to Libya’s National Oil Corporation (NOC).
Libya will send two cargoes totaling 1.2 million barrels a month to Egypt, people familiar with the matter told Bloomberg.
Minister of Petroleum and Mineral Resources Karim Badawi previously affirmed that Egypt would not be affected by the closure of the Strait of Hormuz.
Earlier this month, the Egyptian government decided to adjust the prices of some petroleum products and compressed natural gas (CNG) for vehicles amid the US-Iran attacks.
On his part, Prime Minister Mostafa Madbouly explained that the hikes are a proactive measure to ensure the continuous operations of the Egyptian economy and production.
