Egypt To Import 900,000 Barrels Per Month From Libya

The Egyptian General Petroleum Corporation have announced their plans to import 900,000 barrels of oil per month, which they hope to get underway in the near future.

An official from the Egyptian company told Reuters news agency that the agreement was made two days ago, and shall implemented soon.

The deal was scheduled to take place in April, however, no supplies have made it from Libya to Egypt yet.

In May, it became clear of the severity behind Egypt’s debt to international oil suppliers – at least $5 billion.

Cairo now relies on large loans from friendly countries, notably Qatar, which allow it to buy diesel and gasoline on the open market. For crude oil, it has turned to Libya and Kuwait but the volume is still not enough to run its refineries at full capacity and meet summer demand.

Source: Libya TV