Egypt, Saudi Aramco sign $1.4 bln oil products deal

08/09/2015 Argaam

Egypt has signed a three-month oil products deal worth $1.4 billion with Saudi Arabian Oil Co. (Saudi Aramco) on Monday, Reuters has reported citing an official at the ministry of petroleum.

 

According to the deal, Egypt will make the payment to Aramco, the world’s largest crude exporter, over three years at 3 percent interest, the unnamed official added.

 

Delivery will start within a few days after some procedures are finalized, the official added.

 

The deal includes 500,000 tons of diesel fuel, 220,000 tons of heating oil and 150,000 tons of gasoline per month.

 

Egypt currently suffers of power shortage, and is working on boosting its oil production.

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