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Saudi Arabia suspends refined oil supplied to Egypt



The reasons and timeline are unclear.



11.Oct.16 2:40 PM
By Alesya Davydova
Photo Toinnov.com

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Saudi Arabia suspends refined oil supplied to Egypt

Saudi Aramco will suspend refined oil supplies to Egypt, Oilprice.com reports citing the official informing letter from the Saudi exporter to informed Egypt’s state-held Egyptian General Petroleum Corporation (EGPC).

Egypt traders first told Reuters they did not receive any petroleum products from Saudi Arabia last Friday. The next day the country’s officials issued a statement saying they had not get any letters from Saudi Aramco explaining the situation.

“Aramco informed the EGPC early this month of its inability to supply Egypt with shipments of petroleum products,” the government official told Reuters on Monday, but reasons and timeline of the delay in supplies are unclear.

In April Saudi Aramco and EGPC signed a deal according to which Egypt gets 700,000 tons of refined oil every month from Saudi Arabia as part of financial support for Egypt. The contract was estimated at US$23 billion.

Egypt is now trying to revive its economy and narrow the budget deficit which is one of the largest in the Middle East. The government also intends to start an IPO program with state-held oil companies, expecting to gain US$10 billion in three to five years.




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