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English news

26-Oct-2016

No confirmation yet on whether Saudi oil aid would resume in November, Oil Minister says

Egyptian Oil Minister Tarek El Molla said that there was no confirmation yet on whether petroleum supplies from Saudi Arabia 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 said. Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a USD23bn deal between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC) signed earlier this year, but Egypt stopped receiving its allocations in October. (Reuters)

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