Egypt signs $1.4 billion oil deal with Saudi Aramco

Published August 20th, 2015 - 05:10 GMT
The agreement would allow Egypt to get Saudi oil products and pay the kingdom back within a year. (AFP/Hassan Ammar)
The agreement would allow Egypt to get Saudi oil products and pay the kingdom back within a year. (AFP/Hassan Ammar)

Egypt signed an agreement Thursday with Saudi-owned Aramco for a three-month, $1.4 billion oil deal, Reuters reported.

Egyptian Oil Minister Sherif Ismail told Reuters the deal would begin in September and stipulate that Egypt pay Saudi Arabia back within a year. 

Egypt will be receiving 500,000 tonnes of diesel fuel, 220,000 tonnes of heating oil and 150,000 tonnes of gasoline per month, Ismail said. 

Financial assistance from Gulf states has helped Egypt with its economy, according to Reuters, and help Cairo with its energy crisis. 


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