Kuwait to Ship Crude to Egypt in October
Kuwait said on Wednesday it would ship around two million barrels of crude oil in early October to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market. The deal for two million barrels a month of Kuwaiti crude was signed this week with the Arab Petroleum Pipeline Co., known as SUMED. SUMED, which owns and operates Egypt's Mediterranean port of Sidi Kerir, is half owned by state run oil company Egyptian General Petroleum Corp (EGPC) while a group of four other Gulf Arab countries - Saudi Arabia, Kuwait, United Arab Emirates and Qatar - own the other half. "The storage contract with SUMED aims at streamlining crude oil exports to Europe across the Mediterranean"…
Egypt Opens Tender To Import Fuel In July-Sept 2014
Egypt has launched a tender to import hundreds of thousands of tonnes of petroleum products in the third quarter of 2014, an energy official said on Saturday, as the country tries to stave off a summer energy crisis. Egypt's government wants to avoid major power blackouts during the months of increased consumption in the summer, when outages are worsened by a dilapidated grid and a wasteful subsidies system. The tender comes in addition to supplies from Saudi Arabia, which will deliver energy products to Egypt in July and August as part of an aid package announced after the Egyptian army overthrew Egypt's first freely elected president, the Islamist Mohamed Mursi.
Shell Setback Likely to Delay Egyptian Exploration Licensing
Oil major Royal/Dutch Shell's unsuccessful start in Egypt's deepwater drilling is likely to set back Egyptian licensing exploration bids even further, according to industry sources. They said Shell hit two dry wells in succession at the start of its drilling program in its North East Mediterranean Deepwater (Named) concession. Exxon/Mobil has a 25 percent stake in the block. Shell, which has yet to announce the drilling results, confirmed two wells had been drilled and operations completed, but a spokesman declined further comment. "Everyone, from the (Egyptian) president to the oil minister was expecting good news to get the ball rolling. This is a bit of a blow," said a source in Egypt.
