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FINANCIAL NEWS
Egypt invites bidders for oil imports in Q4
18 Sep 2012
(MENAFN) Egypt’s has invited companies to bid for oil import contracts as it seeks to tackle fuel shortages, Reuters reported.
The state oil firm EGPC has floated a tender to import up to 4.5 million barrels of crude oil in the fourth quarter, a document showed.
Offers for the new tender are due by September 24 and will remain valid until October 5.
The tender, which is the second, includes importing one to three cargoes of medium crude to the ports of Ras Shukheir or Sukhna from mid-October to December.
In August, EGPC issued a tender for the same ports and quantity for the September-December period.
There was no confirmation on the award of the first tender, which was closed on September 7, according to two trade sources active in the Mediterranean market.
Egypt is a significant gas producer, with much of the output consumed locally, and a net importer of oil.
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