Egypt signs energy deal with UAE

18 September 2014

Al-Sisi administration will buy 65 per cent of oil imports for the next year from UAE

Egypt will buy 65 per cent of its oil product imports from the UAE for one year, after a deal with the GCC country was approved on Wednesday.

The deal covers gasoline, diesel, heavy fuel and liquefied petroleum gas (LPG), according to a statement from Egypt’s cabinet.

In the statement, the cabinet said pricing was “appropriate”, but gave no details.

The latest announcement comes after the Egyptian oil ministry said in August that the UAE would provide about $9bn in a deal that would come into effect on 1 September.

Egypt is currently going through its worst energy crisis in years, after a 10 per cent decline in domestic natural gas production since 2011.

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