Egypt to Receive Diesel Cargo from Saudi Aramco

Egypt to Receive Diesel Cargo from Saudi Aramco

Egypt is expected to receive a diesel cargo from Saudi Aramco within the next few days as a part of the contract inked in April 2016.

The Egyptian General Petroleum Corporation (EGPC)’s Chairman, Abde Ezz El Regal, said to Al Borsa that Egypt’s agreement with Saudi Aramco includes delivering the shiments according to timeline that is specified at the contract.

In addition, Ezz El Regal mentioned that EGPC has already received four cargos of benzene and two shipments of diesel, and will continue receiving benzene and mazut cargos according to the agreed schedule during April.

According to the 2016 agreement, Egypt buys 400,000 tons of diesel, 200,000 tons of benzene and 100,000 tons of mazut per month from Saudi Aramco , with a 15 year repayment period.

In related news, the Egyptian market was reported to need 1.2m tons of diesel per month, 2m tons of  fuel oil, 530,000 tons of gasoline, and 340,000 tons of butane, according to EGPC.

Mahinaz El-Baz 317 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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