Egypt has signed a deal with Saudi Aramco stipulating that the Saudi company would supply the country with petroleum products for five years, the Egyptian Ministry of Petroleum said in a statement end of March, All Africa informed.

The deal comes after the state-owned Egyptian General Petroleum Corporation had signed an agreement with the Saudi Fund for Development, on the sidelines of the fifth meeting of the Egyptian-Saudi Coordination Council held in Riyadh, to help Egypt finance its petroleum needs.

Last December, Saudi Arabia said it would raise its investments in Egypt to above $8b and pledged to contribute to providing Egypt with petroleum needs for the next five years. The Saudi decision came one day after Saudi Arabia launched an ‘Islamic alliance’ to fight terrorism, made up of 34 countries including Egypt.