Egypt-Aramco deal not determined value of Saudi oil exports

The oil deal signed by the state-run Egyptian General Petroleum Corporation(EGPC) and Saudi-based Aramco has not determined the value of products that Egypt is set to get from Saudi Arabia.

A senior source stated Saturday that the agreement determined duration of oil supplies for the Egyptian side only but did not mention specified value of the products .

The Egyptian-Saudi deal is set to meet large part of local market’s needs of oil besides covering growing needs of all state’s sectors, the source clarified, adding that the Saudi oil imports will participate in lowering Egypt’s bill of oil imports.

Recently, Saudi Arabia and Egypt agreed to provide the second with 700,000 tonnes of petroleum products a month over five years.

The deal is part of financial support for Egypt announced during a visit this month by Saudi Arabia’s King Salman.

The source noted that this amount will also secure majority needs of power plants and industrial sector.