KUWAIT, June 1 (KUNA) -- The Kuwait Petroleum Corporation (KPC) on Wednesday signed an agreement with Egypt's Suez Canal Authority for boosting bilateral cooperation and increasing the number of Kuwaiti tankers using the vital waterway.
Chairman of the Suez Canal Authority Vice Admiral Mohab Mamish signed the agreement with KPC International Marketing Managing Director Nabil Bouresli.
The Egyptian ambassador to Kuwait Yasser Atef attended the signing ceremony, together with officials from both sides.
Talking to reporters, Mamish said that he was visiting Kuwait on directives from President Abdelfattah, seeking to increase the Kuwaiti tankers that go through the Canal.
He commended the deep-rooted bilateral relations, highly appreciating His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's stances in support of Egypt.
His Highness the Amir attended the opening of the new Suez Canal in August 2015, he said.
According to Mamish, the authority had embarked on a new marketing scheme in order to enhance the number of vessels crossing the Canal, whose income constitutes the major source of foreign currency for Egypt amid the decline of tourist revenues and remittances from Egyptian expats.
For his part, Bouresli said the Kuwaiti leadership is keen on bolstering ties with Egypt, to be reflected commercially.
Next week, a delegation from the KPC International Marketing Managing department will visit the Canal Authority, he said.
The agreement follows the rise of Kuwait's oil exports to the Europe, in addition to the doubling the storage of Kuwaiti crude oil Egypt's SUMED company, Bouresli added. (end)