Egypt receives two oil shipments from Saudi Aramco

Egypt receives two oil shipments from Saudi Aramco
Photo Credit: Arabianeye-Reuters

By: Ahmed Allam

Cairo - Mubasher: The Egyptian minister of petroleum and mineral resources announced on Sunday that Egypt has received two diesel shipments from Saudi Aramco on Friday and Saturday.

The minister's remarks were made on the sidelines of an energy conference held in Cairo.

The petroleum ministry announced last Wednesday that an agreement with Saudi Aramco has been reached to resume oil shipments after suspending the agreement for several months.

The Egyptian General Petroleum Corporation (EGPC) signed a $23-billion deal with Aramco to receive 700,000 tonnes of refined petroleum products per month for five years.

The Ministry of Petroleum's official spokesman Hamdy Abdel Aziz had told Mubasher in October that Saudi Aramco notified the EGPC of the suspension of the agreed oil shipments.

The ministry then said that Aramco explained in a note that delaying the shipments was due to commercial circumstances in line with the fluctuations seen in oil prices globally, and with Saudi Arabia lowering its oil production while refineries were under periodic maintenance.

After that, the EGPC contracted 700,000 tonnes of diesel and gasoline from international markets - an amount that was supposed to be supplied by Aramco.

Translated by: Moslem Ali

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Source: Mubasher Exclusive