Egypt to enter global oil market, seek better prices to replace Saudi deliveries

Egypt will enter the international oil market and seek better prices to supplant suspended deliveries from Saudi Arabia, Egyptian Minister of Petroleum Tareq el Molla said Tuesday.

“We will enter the international market. Our actions will depend on prices and potential,” Molla told reporters. “We will look for a supplier for the benefit of Egypt and for the good of the Egyptian people.”

The minister noted that Egypt had imported nearly one-third of its oil from Saudi Aramco before the suspension, and said he was unable to name the date of the next contract.

“We are a big consumer and we deal with all of the world’s suppliers and manufacturers,” Molla said in response to a query on whether a Russian company could be Egypt’s next supplier, stressing that the Arab republic has cooperated with Rosneft for several years on crude oil supplies.

Source: Sputnik