Egypt negotiates extension in petrol grants from Arab states ... Egypt needs $8 billion over the 10 months from September to import petroleum for domestic usage, an official at the Egyptian General Petroleum Corporation said. The official, who spoke on condition of anonymity, said that Egypt would have to spend in the event that Arab States, who had pledged to provide free oil shipments until the end of the month, decided to halt their aid. In a telephone conversation with the Anadolu news agency, the official said that his country expects an approval from the Arab countries to extend their oil aid, and that they may receive $4 billion during the remaining 10 months of the current fiscal year. The official said that, on average petroleum, the Petroleum Authority imports products worth approximately $9.5 billion annually. The Egyptian General Petroleum Corporation (EGPC) is associated with the Ministry of Petroleum and Mineral Resources, and oversees public sector companies for oil and most of the companies involved in the joint sector with foreign partners. (Contd)
Posted on: Mon, 04 Aug 2014 23:17:21 +0000
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