State-run Abu Dhabi National Oil Company (ADNOC) will start monthly deliveries of $400m of petroleum products to Egypt from next week until the end of October, a source at the state-owned Egyptian General Petroleum Corporation (EGPC) informed Reuters.
“It is expected the first shipments will arrive in a week from now,” the source said. He added that Egypt will receive the products on credit and was still negotiating the interest rate for payment. ADNOC is seeking a 3 percent rate, the source clarified.
The Egyptian government had said EGPC will buy 65 percent of its oil product import needs from ADNOC in 2015. The agreement covers gasoline, diesel, heavy fuel and liquefied petroleum gas.