A source with the Egyptian General Petroleum Corporation (EGPC) stated to Egypt Oil&Gas that Egypt is negotiating with the United Arab Emirates (UAE) to import petroleum derivatives such as benzene, diesel, and butane, in order to cover 2017 local market’s demands.

The source added that Egypt seeks to import 700,000 tons of benzene and diesel per months. In addition, Egypt seeks to purchase 500,000 tons of butane on a monthly basis.

The Egyptian-Emirati negotiations will witness Egypt’s request from UAE for payment facilitations to have the cargos repaid over at least three years with a 2% interest per annum. Egypt plans to receive the cargos through Alexandria Port and Suez Port starting March 2017.

The source added that EGPC is working on signing long term contracts to import fuel in order to ensure any future crisis in the local market especially after the increase in fuel prices.

In related news, Iraqi Ambassador to Cairo, Habib Al Sadr, had stated that Egypt was about to start receiving 1mb of light crude oil per month from Iraq during mid January.