Saudi Aramco, Egypt sign $1.4bn oil products deal -minister

Egypt agreed a three-month oil products deal worth US$1.4 billion with Saudi Arabia’s state-owned Aramco to begin in September, the oil minister told Reuters  Thursday.

The deal stipulates that Egypt pay Aramco within a year, Sherif Ismail said.

Financial support from Gulf states such as Saudi Arabia has helped Cairo keep its economy afloat and ease an energy crisis.

The deal includes 500,000 tonnes of diesel fuel, 220,000 tonnes of heating oil and 150,000 tonnes of gasoline per month, Ismail said.

source:Reuters