Adnoc to provide 65% of Egypt's oil products
The deal will cover gasoline, diesel, heavy fuel and LPG
Egyptian General Petroleum Corporation will buy 65% of its oil product imports from UAE's Adnoc, according to Reuters.
The agreement, that has been scheduled to last for a year, will cover gasoline, diesel, heavy fuel and liquefied petroleum gas (LPG).
Egypt's government approved the agreement on Wednesday saying in a statement that the deal is aimed at meeting the country's urgent needs for oil products. The cabinet also said the prices were appropriate, the news agency said.
Earlier this month UAE was se to provide Egypt with petroleum products worth $8.7bn with some of the products coming in the form of grants and the rest- under a credit agreement expected to be repaid in installments.
The official said Egypt imports petroleum products worth around $1 billion to $1.3 billion a month.