S. Arabia to send Egypt more oil shipments in November

Saudi Arabia has offered $5 billion in aid to Egypt following the July 3 ouster of Morsi, Egypt's first freely-elected civilian president

S. Arabia to send Egypt more oil shipments in November

World Bulletin/News Desk

Saudi Arabia will send oil shipments worth $400 million to Egypt in November as part of aid offered by the oil-rich Gulf kingdom to Egypt following the ouster of president Mohamed Morsi, an Egyptian official said Saturday.

"The new shipments will bring the total Saudi oil aid to Egypt to $1.6 billion," Tarek al-Mula, head of Egypt's state-run General Petroleum Authority, told Anadolu Agency.

Saudi Arabia has offered $5 billion in aid to Egypt following the July 3 ouster of Morsi, Egypt's first freely-elected civilian president.

The aid includes $2 billion in deposits at the Central Bank of Egypt, $2 billion in petroleum products and $1 billion in grants.

The aid is part of $12 billion pledged by Saudi Arabia, the United Arab Emirates and Kuwait to the country.

Egypt imports 2 million tons of butane from Saudi Arabia every year. This North African country also imports petroleum products to the value of $1.3 billion every month. It gives these products to its citizens at subsidized prices, but this has ushered in a petroleum subsidy deficit to the tune of $18.6 billion by the end of fiscal year 2012/2013.

Al-Mula said his government still awaits a reply from the United Arab Emirates, Saudi Arabia, and Kuwait to an earlier Egyptian demand for petroleum during 2014.

"We have already sent a list of our petroleum needs as diesel, gasoline and butane, to the three countries," al-Mula said.

Last Mod: 19 Ekim 2013, 10:42
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