SEATTLE (Oil Monster): Egypt plans to build a crude oil stockpile of approximately 16 million barrels for the first time - including 10 million barrels from Libya, according to Asharq Bloomberg.
The report says an Egyptian government official revealed that the supplies comprise 10 million barrels from Libya and 6 million barrels from Iraq.
The official stated that Egypt began receiving crude designated for the stockpile in August and aims to complete it before the end of 2026.
Egypt imported 3 million barrels from Libya, separate from the Egyptian General Petroleum Corporation's (EGPC) regular monthly supplies.
The government official noted that Egypt contracted with Libya and Iraq to import the oil at $85 per barrel, totalling $1.36 billion.
Courtesy: www.libyaherald.com
