In statements made to Al-Bourse, EGPC Head Tariq Al-Mulla announced that EGPC’s contract with UAE company Adnoc expires in June, adding that there were no new negotiations with Adnoc to renew the contract.

EGPC had entered into a contract with Adnoc for the supply of petroleum products to Egypt for a year, valued at $9 billion, but the contract stopped in January after only 5 months. The quantity supplied did not exceed $2 billion. No explanation was given for this or indication of a resumption of negotiations.

El-Mullah went on to say that the value of total shipments by the company still pending the contract’s expiry could not be determined because the international prices of petroleum materials were variable. We will determine the value of each shipment in accordance with the price prevalent at the time of delivery, he added.

Minister of Petroleum and Mineral Resources Sherif Ismail had said previously that the contract with the UAE company was for 5 months only, and that Egypt’s contract with the company came to an end by the end of January.

Source: Al-Bourse