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16-Mar-2017

Saudi Aramco to resume oil product shipments to Egypt before March-end

Saudi Aramco will resume oil product shipments to Egypt some six months after suddenly halting them, Egyptian Petroleum Ministry said on Wednesday. The deal still carries the same terms, said the Petroleum Minister, Tarek Al Molla, adding that Egypt may start receiving the shipments before March-end. The Ministry said it was working out a timetable with Aramco for the resumption of shipments and that commercial reasons related to global oil prices and reduced production were behind the suspension in October. "It was agreed that the Saudi Arabian side would resume Aramco's shipping of oil products as per the commercial contract signed between the Egyptian General Petroleum Corporation (EGPC) and Aramco," the statement said. Saudi Arabia agreed in April last year to provide Egypt with 700,000 tonnes of refined oil products per month for five years, but the cargoes stopped arriving in early October. 

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