The Ministry of Petroleum announced signing of an agreement with Saudi Aramco – the largest energy company in the world – to provide Egypt with its needs of petroleum products for three months, reported Reuters. Repayment will be over 3 years.

An anonymous source at the ministry added: “We signed an agreement with Saudi Aramco yesterday for the supply of petroleum shipments for 3 months, worth of $1.4b, with a relaxed repayment scheme over 3 years at an interest rate of 3%.”

“We will begin to receive the products within a few days after the completion of some simple procedures” he said.

The agreement covers 500,000 tonnes of diesel fuel, 220,000 tonnes of heating oil and 150,000 tonnes of gasoline per month.