Egypt signs oil import deal with Saudi Aramco

04 March 2018
Egypt’s Petroleum Ministry says agreement to buy 500,000 barrels a month is valid for six months

Saudi Aramco has agreed to provide Egyptian refineries with crude oil, the country’s Petroleum Ministry has announced.

Petroleum Minister Tarek el-Molla said the agreement, effective from January, will last for six months.

Saudi Aramco will supply 500,000 barrels of crude oil a month to Egyptian refineries, El-Molla said.

Egypt's refineries previously received crude oil from the Saudi oil producer in November and December last year.

Once a key exporter of oil, Egypt now relies on imports of crude to fuel its economy. Cairo has also renewed a deal with Iraq to buy 12 million barrels of crude for a year.

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