Egypt is set to receive two shipments of gasoline as part of the oil shipments supplied by Saudi Aramco by the end of March. The Egyptian market needs 1.2m tons of diesel fuel per month, 2m tons of fuel oil, 530,000 tons of gasoline, and 340,000 tons of butane, according to The Egyptian General Petroleum Corporation (EGPC).
EGPC, Chairman, Abed Ezz El Regal said that a timetable will be placed starting from April for receiving the petroleum product shipments from Aramco, according to Daily News Egypt.
He also mentioned that the shipments will be priced according to international oil prices, noting that the current contract with Aramco provides Egypt with a 15 year repayment period and a grace period of three years.
Earlier, Egypt’s Ministry of Petroleum and Mineral Resources had announced that Aramco will resume its oil shipments to Egypt, as part of the commercial agreement signed between EGPC and Aramco in April 2016. The agreement provides for Aramco to supply 700,000 tons of petroleum products to Egypt every month in a contract of five years, amounting to $23b. The shipments were suspended for about six months.