Saudi Aramco agreed with Egypt to supply crude oil for six month for the Egyptian refiners, starting January 2018, Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, told Reuters.

According to the agreement, Saudi Aramco will provide 500,000 barrels of crude oil to Egyptian refineries on a monthly basis, El Molla pointed out.

In November 2017, negotiations between Egypt and Saudi Aramco were ongoing for the refining of Saudi crude oil in Egypt, Reuters previously reported.

Egypt’s refineries were only capable of meeting 65% of Egypt’s demand for refined products, but the government had been taking steps to increase Egypt’s domestic refining capacity, Amwal Al Ghad reported in August.