Mubasher TV
Contact Us Advertising   العربية

Egypt to receive $9 bln crude products from UAE over 1 year

Egypt to receive $9 bln crude products from UAE over 1 year
The United Arab Emirates and Egypt have reached an agreement, under which the Gulf state will provide petroleum products worth $9 billion over a year starting from today, said Hamdy Abdel Aziz, official spokesman of the Petroleum Ministry.
He added that the agreement was signed by Egyptian General Petroleum Co and UAE’s Abu Dhabi National Oil Co. (ADNOC).
Egypt has struggled to curb its swelling budget deficit and meet its soaring energy demands, which have resulted in daily electricity cuts around the country of 86 million people.
Oil-producing Gulf countries have come to Egypt's aid since the army, prompted by mass protests, ousted Islamist President Mohamed Mursi last year.
The United Arab Emirates, Saudi Arabia and Kuwait have together provided Egypt with more tan $20 billion in grants, loans and petroleum products since Mursi's overthrow.