Egypt recently signed a three-month oil products shipment worth US$1.4bn with the Saudi Arabian Oil Company, Saudi Aramco, reported Reuters.
According to former Prime Minister of Egypt Sherif Ismail, the agreement clearly states that Egypt is expected to pay Aramco within a year’s period of time. The signed agreement between both companies will begin in September.
The oil products in accordance with the deal include 50,000 tonnes of diesel fuel, 220,000 tonnes of heating oil and 150,000 tonnes of gasoline per month.
Last year, the Egyptian Petroleum Ministry, said in a statement, “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 and Aramco.”
Based in Dhahran, Saudi Aramco is a national petroleum and natural gas company with a market value estimated at US$2tn.