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Egypt's EGPC to buy 65% oil imports from UAE's ADNOC

Egypt's EGPC to buy 65% oil imports from UAE's ADNOC
Egypt's state oil company, EGPC, will buy 65% of its oil product imports from the UAE’s ADNOC for one year following government approval on Wednesday, reported Arabian Business, adding that the deal covers gasoline, diesel, heavy fuel and liquefied petroleum gas (LPG) that is used in homes.

Egypt’s cabinet did not give the agreed-upon prices but an oil ministry official said last month that Egypt was seeking to buy about $9 billion worth of oil products from the UAE.

Moreover, some of the products would come as grants and the remainder under a credit agreement that would be repaid in instalments, the official noted, adding that Egypt imports petroleum products worth around $1-1.3 billion a month.

It is worth noting that the UAE, Saudi Arabia and Kuwait have together provided Egypt with over $20 billion in grants, loans and petroleum products since the former President’s overthrow.