The Egyptian General Petroleum Corporation (EGPC) presented its monthly petroleum needs report to the Ministry of International Cooperation, Daily News Egypt informs. The report came as Egypt and Saudi Arabia were in negotiations over Riyadh’s support and investment in the country.
An official with EGPC said that according to the agreement, Saudi Arabia was to provide gasoline, diesel and fuel oil with long-term repayment periods. The cabinet praised King Salman bin Abdul Aziz for his generosity to Egypt by providing $8b in total investment in the country’s economy and assisting with its petroleum needs for the next five years.
Egypt also requested the delayed final $300m shipment worth of petroleum products from Saudi Aramco – the remainder of the three-month oil shipment package worth $1.4b that expired in November. The contract had been for 500,000 tons of diesel, 220,000 tons of fuel oil, and 150,000 tons of gasoline a month.
While the figures in the December report are not public, previous statements by EGPC estimate Egypt’s domestic needs to be around 500,000 tons of diesel, 300,000 tons of butane, 150,000 tons of gasoline and 500,000 tons of fuel oil per month.
In a meeting with the Saudi government, Egypt presented a wide variety of potential projects across various sectors. Petroleum Minister, Tarek El Molla will further discuss mechanisms for implementing Saudi directives.