Egypt Begins Receiving Imports From Unspecified Source After Aramco Debacle

12 Oct 2016   Egypt

Egypt received oil shipments from an unspecified source on Tuesday, according to Petroleum Ministry spokesperson Hamdy Abdelaziz, who said the move came after Saudi Aramco decided it would suspend delivery of energy products to the North African country. Abdelaziz said to Mada Masr that this month’s delivery failure “does not mean that the entire import agreement with Aramco will be canceled, since the halt may be due to technical or logistical reasons, which are normal in all economic agreements.” The current deal between Aramco and the Egyptian government brings the equivalent of 700,000 barrels of fuel per month to Egypt at a cost of $23 billion for 15 years. The news site also contacted two different sources from the Saudi company, both of whom chose to remain anonymous. One of the sources said the halt occurred due to technical reasons, but the agreement will still function […]

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