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Friday, 17 September 2021

Egypt has no confirmation yet on whether Saudi oil aid will resume in November

Reuters , Tuesday 25 Oct 2016

Egyptian Oil Minister Tarek El Molla said on Tuesday there was no confirmation yet on whether Saudi petroleum supplies to Egypt would resume in November after being suspended this month.

"The contract is in effect for five years so whether it's interrupted for a week or a month or two or three the contract is in effect and still on," Molla told Reuters on the sidelines of a conference organised by the American Chamber of Commerce.

Asked if there was any sign aid would return in November, he said: "Not yet. We don't have anything confirming that."

Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a $23 billion deal between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC) signed earlier this year.

Egypt stopped receiving its allocations in October

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