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Egypt to raise oil reserves by deal worth USD23b

10 Oct 2016

(MENAFN) The Petroleum Ministry spokesman said that Egypt had a recent spike in purchase tenders for petroleum products, and this is part of ongoing efforts to build strategic stocks.

Accordingly, Saudi Arabia had agreed recently to provide 700,000 tons of refined oil products for Egypt per month for five years, under a deal worth USD23b between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC).

Moreover, Petroleum Ministry spokesman Hamdi Abdelaziz told local Egyptian podcaster: “We asked for oil tender because Egypt always seeks to increase its strategic reserve.”

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