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.

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.

Get Notifications