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 Egypts 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.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.